Cardi B's WAP Token Promotion Linked To Crypto Scammer

According to Cointelegraph, the crypto wallet address shared by American 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. Along with a video of WAP’s mascot, 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. However, Cardi B recently posted a few cat-related tweets, suggesting that the decision to reveal the WAP token was pre-planned. Wazz dismissed Peckshield’s speculation about a possible account hack, stating that the promotion was planned and not a result of a compromised account. 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. According to BubbleMaps, 15 crypto addresses were previously funded by a crypto exchange wallet, and the same address transferred their WAP holdings across roughly 100 wallets. The firm added that all wallets involved in the bundling transferred their tokens to brand-new addresses in an attempt to hide from BubbleMaps. Fellow rapper Iggy Azalea, who also promotes her own version of a celebrity memecoin, Mother Iggy (MOTHER), took a dig at Cardi B’s token reveal. 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 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.