Edel Finance Sniped 30% of EDEL Worth $11M: Bubblemaps - Unchained

Edel Finance has reportedly sniped a third of the EDEL token supply and attempted to conceal it by moving the tokens across multiple wallets and liquidity positions.

Onchain analytics firm Bubblemaps flagged a series of transfers that highlighted the movement of funds across wallets

Hours before EDEL launched, around 60 wallets were funded from Binance. Then, through a fresh layer of wallets, they sniped around 30% of EDEL’s supply, now worth $11 million.

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Each of the wallets received only half the EDEL they sniped, while the other half was sent to a cluster of 100 secondary wallets, which were all included in the token contract creation code.

“This creates a clear link between the team and the snipers,” explained Bubblemaps.

Edel co-founder James Sherborne disputed the allegations on X, saying, “not accurate…we actually acquired ~60% of supply and placed the tokens into a vesting contract, as per the docs.”

However, Bubblemaps pushed back and said, “The way you’re responding and sending your minions to spam our replies shows exactly what kind of project this is.”