Edel Finance-affiliated wallets allegedly "snatched up" 30% of the token supply; co-founder denies allegations.

According to Bubblemaps, Edel Finance "snapped up" 30% of the EDEL token supply, worth $11 million, during the token's release this month. Bubblemaps, a blockchain analytics platform, claims these wallets were coordinated and pooled shortly before trading opened. Bubblemaps, in a post on its X platform, stated that Edel Finance snatched up 30% of the EDEL tokens and then attempted to conceal this activity through a complex network of wallets and liquidity positions. The platform revealed that a cluster of approximately 160 wallets accumulated 30% of the EDEL token supply, worth $11 million. This cluster pooled its funds through a coordinated strategy involving Binance and MEXC, executing the purchase in a manner consistent with "snapping up" (referring to automated trading by bots to grab tokens at launch). Bubblemaps detailed that these wallets were injected with Ethereum (ETH) and built through multiple layers of new wallets before executing the transactions. Half of the purchased tokens were allocated to 100 secondary wallets, all of which were linked to MEXC. Bubblemaps stated that this established a clear link between the team and the "snap-ups." The analytics firm pointed out that the token contract code explicitly included these secondary wallets, indicating that they were deliberately hidden. Bubblemaps also cited transparency issues. The platform stated that Edel Finance failed to disclose its alleged strategy. The platform stated, "You have never disclosed any 'planned' snap-ups, neither on Telegram, the X platform, nor in your documentation." In response to these allegations, Edel Finance co-founder James Sherborne stated that the team planned to acquire 60% of the token supply and then lock it into a token vesting contract. Sherborne stated, "The chart is cool, but inaccurate… We actually acquired approximately 60% of the supply and, according to the documentation, put those tokens into the vesting contract." However, Bubblemaps questioned this claim, calling it a "Hayden Davis-style" defense. They maintain that if Edel Finance were sincere, they would pre-allocate the supply according to token economics. They added, "Using token economics as an excuse to cover up our findings is a flimsy reason." According to Edel Finance's token economics, only 12.7% of the token supply was allocated to the team, through a 36-month vesting plan, including a six-month unlocking period. Bubblemaps claims that some "snap-ups" and token deployers have used the same methods to dump tokens. Bubblemaps responded that 50% of the EDEL token supply in the vesting plan comes from token deployers and is unrelated to this "snap-up." Meanwhile, the EDEL token's market capitalization has fallen 62% to $14.9 million in the past week, and it is currently trading at $0.02937.