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Insider Activity and Token Burns: Andrew Tate's Crypto Controversy

Key Takeaways

  • Andrew Tate burned over $10 million worth of Solana-based TOPG tokens;
  • Tate announced support for the DADDY coin to challenge Iggy Azalea's MOTHER coin, planning to burn $100 million worth of DADDY tokens;
  • Blockchain data platform Bubblemaps revealed suspicious insider activities in the DADDY token.
Insider Activity and Token Burns: Andrew Tate's Crypto Controversy

Andrew Tate, an influencer and former kickboxer who has recently been accused of human trafficking, announced on X that he had burned over $10 million worth of Solana-based TOPG tokens.

Tate received over 580 million TOPG tokens as a donation from an unnamed source.

He stated that his intention behind burning the tokens was to cause chaos in the crypto community, stating, "It's not about money. It's about sending a message."

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In a series of other posts with offensive commentary on X, Tate announced his support for a new coin called DADDY, attempting to challenge rapper Iggy Azalea's newly launched memecoin MOTHER. He mentioned his plan to burn all his DADDY tokens, aiming for a minimum of $100 million in value.

Blockchain data platform Bubblemaps highlighted suspicious insider activities surrounding the DADDY token. According to their report, insiders purchased 30% of the $DADDY supply at launch before Tate began promoting it on social media, and these insiders currently hold over $45 million worth of tokens.

Overall, Tate's recent actions and controversial statements have stirred turmoil and suspicion in the crypto community.

In other news, Elon Musk recently threatened to ban Apple devices in his companies if OpenAI's ChatGPT is integrated into iOS, citing security concerns.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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