Russian freestyle wrestler Khamzat Chimaev is currently embroiled in controversy as the affiliated token, SMASH, has plummeted by 94% amid allegations of insider trading.

Khamzat Chimaev, a Russian mixed martial artist and freestyle wrestler, faces fraud allegations after blockchain analyst ZachXBT identified that nearly 80% of the supply of the Solana-based memecoin SMASH was discreetly purchased by insiders linked to the SMASH team.

Khamzat, your team is incompetent as you directly linked the team wallets with the insider wallets buying up 78%+ of the supply. Why do all of you instantly nuke your reputation with meme coin scams?

In a thread on July 4, the blockchain analyst disclosed that over 70% of the insider and SMASH development team wallets were “directly linked as they were funded by the same address on Ethereum.” According to ZachXBT’s findings, these insider wallets were funded through centralized trading platforms like Binance and SideShift.

Khamzat’s team has faced criticism for linking team wallets with insider wallets, which were responsible for acquiring more than 78% of the supply. Despite the accusations, Chimaev has yet to make any public statements on the issue. As the controversy unfolded, the SMASH token’s value plummeted by over 90%, now trading at $0.0003460, as per DEXScreener data.

The Chechen-born fighter has a history of promoting various digital assets on his social media channels. In April 2023, he announced on X that he had become an ambassador for CAIZcoin, a cryptocurrency described as “Islamic compliant” with potential partners including CertiK, Fireblocks, Elliptic, and Ledger.

However, a spokesperson for Elliptic stated that the company “does not have a partnership or any other affiliation with this [CAIZcoin] entity.” Further inquiries to the other mentioned firms regarding their partnership status with CAIZcoin remain unanswered as of now.

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