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The Securities and Commodities Authority (SCA) of the United Arab Emirates is investigating alleged securities law breach concerning the digital asset WAP. This Solana-based token pushed by a celebrity, Cardi B, raised much concern.The investigation began after a significant venture capital firm from Dubai and local Emirati investors filed complaints. These complaints highlighted alleged market manipulation and fraudulent promotional schemes associated with the WAP token.Cardi B&#39;s EndorsementCardi B&#39;s promotion of the WAP token has stirred controversy in the crypto space. As <a href="https://cryptotale.org/cardi-bs-x-account-promotes-wap-token-peckshield-raises-alarm/" rel="noopener noreferrer nofollow">reported</a> earlier, the rapper shared a promotional post on her official X account, showcasing a WAP cartoon mascot alongside a crypto wallet address tied to the token.Analytical platform PeckShield revealed on October 8 that Cardi B’s wallet address had been linked to a notorious figure in crypto fraud. This link has caused much concern among investors, as it risks the token and, therefore, questions its authenticity.<a href="https://cryptotale.org/uaes-sca-probes-cardi-b-linked-wap-token-for-crypto-fraud/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

UAE’s SCA Probes Cardi B-Linked WAP Token for Crypto Fraud

CryptoTale

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