GuShiio.com Since Trump, celebrity coin issuance seems to have become a new business practice. On March 2, well-known retired football superstar Ronaldinho also announced the launch of his personal token,$STAR10, on the BSC chain.
Author: Frank, PANews
Since Trump, celebrity coin issuance seems to have become a new business practice. On March 2, well-known retired football superstar Ronaldinho also announced the launch of his personal token,$STAR10, on the BSC chain. In the market downturn, although the market value in circulation reached as high as US$32 million, it was still far from the expected rush. On the contrary, many conspiracy theories about this token were exposed on social media. Scandal news such as a certain coin issuing team in Shenzhen that the fund pool had not been locked up, the minting authority had not been abandoned, and insiders had escaped in advance. Even CZ, the founder of Binance, who forwarded online information, was once besieged by users. Is the business experience of this celebrity coin issuance craze really a code to get rich in one direction?
Football talents turned into harvesting tools? Professional team handles doubts
Ronaldinho, once known as the most talented Brazilian football star in history, is generally referred to by fans as Ronaldinho. He has been loved by fans during his career and has been named a football elf. However, he became famous at a young age and lacked self-discipline. After being a prostitute, he ruined his career, and then spent money like water. After going bankrupt, he used fame to make money. Like many talented athletes who came from a poor background, Ronaldinho unfortunately chose such a script.
After trying a variety of ways to make money, the rapid harvesting ability of the encryption industry seems to be his better choice.
On February 22, Ronaldinho tweeted “Cryptocurrency looks good here” and began to announce his token issuance plan. But as the crypto market continued to slump, the final token was not officially launched until ten days later.
In the past ten days, the encryption market has experienced a sharp decline. The previously hot Solana chain has also shown a decline, and the BSC chain has tried to become a new MEME hot spot amid frequent interactions between CZ. It can be seen from Ronaldinho’s final choice that there may be a team behind him who understands the changing rules of the crypto market to advise him.
On February 28, Twitter user@R10coin_broke the news that Ronaldinho was behind a coin issuing team in Shenzhen. The person who broke the news claimed to be another professional coin issuing company and first negotiated a US$6 million cooperation agreement with Ronaldinho to jointly conduct token sales. Later, another Shenzhen coin issuing team paid US$10 million to intercept the matter, and chose to expose the matter. And published some email information and Ronaldinho’s signature documents. The community generally believes that this is just a farce of cheating, but everyone seems to have become accustomed to this kind of insider manipulation. Previously, President Millay’s coin issuance farce also exposed the inside story of these coin issuance to the public. As of March 4, the user’s Twitter account has been blocked.
Since the user did not release more substantive inside information, the content of the team behind Ronaldinho’s coin issuance is still unknown. According to PANNews, the official website domain name of the $STAR10 token is hosted by the well-known domain name service provider GoDaddy, and there are two IP addresses deployed. These two IPs come from Amazon’s Cloud Virtual Machine after reverse query. This IP has resolved more than 80,000 domain names, so it cannot be proved that they are controlled by the same person.
However, what is interesting is that in the resolution list of this IP, the official website address of another well-known MEME coin PNUT appears. PNUT is also one of the MEME coins launched on the Binance Exchange last year. However, judging from the current chain of evidence, there is no direct evidence that there is a conspiracy behind the issuance of $STAR10 tokens.
Contract hidden mystery: backdoor authority triggers trust crisis
However, during the token issuance process, people still seem to feel the insincerity of the $STAR10 token issuance. According to GoPlus Security monitoring, the contract owner of the $STAR10 token still retains the right to destroy the token, and the fund pool is locked up for only one month.
This backdoor operation makes many users think that the project party is preparing for harvesting. This triggered a collective condemnation on social media. Binance founder CZ first forwarded Ronaldinho’s tweet without paying attention to this vulnerability, and said that the move was not an endorsement, but just thanked him for choosing to launch it on BNB Chain, but was later criticized by users.
However, perhaps due to pressure from the community, Ronaldinho’s team subsequently stated on Twitter that they had given up the minting authority and extended the lockup period for 255 years to 2281 years.
However, this kind of remedial action does not seem to have gained more recognition from the community. As of March 4, there were about 9500 holding addresses on the token chain, which is far from TRUMP’s 640,000 and not as good as LIBRA’s 27,000 addresses.
The rat warehouse made a profit of 282 times, and was it planned by internal players in advance?
In addition, rat warehouse is also one of the frequently exposed routines for celebrity coin issuance. Similar signs also appeared during the issuance of $STAR10. According to Onchain Lens, an insider purchased 20 million $STAR10 tokens with 49 BNBs (worth US$29,000) before the token issuance. As of March 4, US$350,000 in tokens had been sold at the address, and more than US$2.6 million in tokens were still unsold.
According to PANews calculations, the average cost for this user is about US$0.0014, an increase of about 282 times to the highest point. The value of the largest position can reach US$8.26 million, which is almost a quarter of the market value in circulation. What is even more suspicious is that Ronaldinho’s Twitter issue time is UTC time, at 22:17 on March 2, and the purchase time at this address is 22:17:08 seconds. This time was even earlier than Ronaldinho’s release time. I wonder how the player at this address chose to invest US$29,000 in a big bet without confirming the source of the token? After penetration, PANNews found that the initial funds for the address came from Binance Hot Wallet.
Overall, Ronaldinho’s coin issuance seems to be another failure. Similarly, NBA legendary star Scott Pippen, who launched his own token in August last year, has a market value of only US$4.5 million, with about 1400 coin holders and a 24-hour transaction volume of US$2300. A total of 5 transactions were generated, which can be said to be a feather in the ground.
LIBRA and MELANIA, which caused a stir in the city some time ago, were also exposed to be the work of a conspiracy. People seem to have become accustomed to this harvesting routine and no longer blindly pay the bill. As of March 4, the market value of $STAR10 was only US$11.5 million, down 66% from its high.
From an investment perspective, celebrity tokens so far have been almost “wiped out”, and for those celebrities who are trying to quickly realize cash through cryptocurrency issuance, this exhausting harvesting model seems to be unsustainable.
