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.

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. 

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.

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.

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.

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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