Khamzat Chimaev ‘wasn’t involved’ with SMASH memecoin — Manager

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UFC fighter Khamzat Chimaev “wasn’t concerned” with the SMASH memecoin and “[knows] simply as little as you do,” Chimaev’s supervisor, Majdi Shammas, stated in a July 7 X put up. Shammas claimed he had determined to advertise the coin with out the fighter’s enter after “[he] was approached by a bunch claiming to be followers” of Chimaev.

The assertion comes a couple of days after onchain sleuth ZachXBT accused the SMASH growth staff of buying up 78% of the coin’s supply in an obvious try to carry out a pump-and-dump.

Memecoin SMASH is a separate challenge from privateness coin SmashCash, which makes use of the identical ticker image.

Within the put up, Shammas apologized to the fighter and “all others of you influenced by this, if I may have carried out something otherwise.” He acknowledged that he solely allowed the SMASH staff “to report a brief video selling their launch […] nothing extra, nothing much less” and that Chimaev “wasn’t concerned” with even this choice.

Supply: Majdi Shammas

SMASH was launched at 2 pm UTC on July 2. From 6 to 10 pm on launch day, it rose from a worth of $0.0001147 to $0.007308, a acquire of 6,271%. After peaking, it fell by 94% over the subsequent day, settling at $0.0004209 by 8 pm UTC on July 3, in response to knowledge from DEXScreener.

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On July 4, blockchain investigator ZachXBT announced the outcomes of an investigation into the coin’s transactions. He claimed that over 78% of the coin’s provide had been bought by “insider and dev staff wallets” at launch.

A growth staff shopping for numerous tokens at launch typically means it plans to promote the tokens for a revenue later, crashing the value within the course of. ZachXBT claimed that he didn’t hint these purchases all the way in which to their vacation spot gross sales, stating that he “stopped monitoring” after the preliminary token purchases.

On July 8, ZachXBT responded to Shammas’ apology, arguing that Chimaev’s administration staff did greater than merely permit a promotional video to be made. “Khamzat did two separate posts in regards to the coin earlier than they have been deleted,” the blockchain investigator acknowledged, including, “So your story of nothing extra, nothing much less doesn’t add up solely.”

Supply: ZachXBT

SMASH is the most recent of many movie star memecoins to be accused of being pump-and-dump scams. On July 2, rapper Sexyy Pink’s PRESI challenge got here below fireplace when its staff was accused of buying up 90% of the coin’s supply at launch. On June 13, Andrew Tate’s DADDY challenge was additionally accused of buying up 30% of the supply at launch.

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