WAP crypto token promoted by Cardi B traced to scam origins

The crypto wallet address shared by American A-list celebrity rapper Cardi B while promoting WAP tokens has been traced back to a seasoned crypto scammer.

On Oct. 8, Cardi B’s official X account shared a promotional post for WAP, a cat-themed memecoin and abbreviation of “Wet Ass Pussy.” Along with a video of WAP’s mascot, an animated cat, Cardi B shared a wallet address, which was flagged by crypto investigators.

Source: Cardi B

Pseudonymous blockchain sleuth Wazz’s initial investigation revealed that Cardi B’s wallet address had links to numerous rug pull projects. Crypto investigation firm PeckShield suspected that a crypto scammer hacked Cardi B’s X account.

Did Cardi B pre-plan WAP memecoin launch?

However, Cardi B recently posted a few cat-related tweets, which suggests that the decision to reveal the WAP token was pre-planned. 

Source: Cardi B

Wazz also dismissed Peckshield’s speculation about a possible account hack. The blockchain sleuth told Peckshield:

“She’s not compromised, it was planned, multiple shills/cartoon/prev tweets. Also, you’re viewing the wrong pool. It has 700K liq.”

Irrespective of whether it is a scam or a legitimate project, crypto community members have noted the prevalence of scams and rug pulls associated with celebrity tokens. 

BubbleMaps, a blockchain data visualization platform, found that 60% of the WAP supply was bundled at launch. Moreover, it noted that around $500,000 worth of tokens had already been dumped within 10 hours of the project’s launch.

Source: Bubblemaps

Cardi B project suspected of rug pull

According to Bubblemaps, 15 crypto addresses were previously funded by a crypto exchange wallet. The same address transferred their WAP holdings, spread across roughly 100 wallets. The firm added:

“In an attempt to hide from Bubblemaps, all wallets involved in the bundling transferred their tokens one-to-one to brand-new addresses 4 hours ago. Good try.”

Fellow A-lister and rapper Iggy Azalea, who also promotes her own version of celebrity memecoin, Mother Iggy (MOTHER), took a dig at Cardi B’s token reveal.

Source: Iggy Azalea

Related: Celebrity memecoin promoter Sahil Arora banned by X

Some X users also suspected the return of Sahil Arora, the mastermind behind the launch of numerous celebrity memecoins.

In August, crypto investigator ZachXBT estimated that Sahil earned netted over $3 million in 2024 from launching a deluge of celebrity memecoins.

Source: ZachXBT

Arora has been accused of perpetrating social engineering scams and other fraudulent activity by a wide range of people, including celebrities and crypto industry players.

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