Token

Solana

Influencer

<ul class="news-points wp-block-list">
 <li>UAE SCA seeks SEC probe into $WAP token for securities violations.</li>
 <li>WAP promoted by Cardi B allegedly involved in a pump-and-dump scheme.</li>
 <li>Investigators pinpoint KOLs, insiders in orchestrating price manipulation.</li>
</ul>
The UAE Securities and Commodities Authority (SCA) officially asked the U.S. Securities and Exchange Commission (SEC) to investigate the WAP cryptocurrency token promoted by Cardi B on the Solana blockchain, alleging potential securities violations.
The WAP token, heavily promoted by Cardi B on X (formerly Twitter), has been connected to an alleged pump-and-dump scheme potentially involving insiders. The SCA’s request follows a tip-off from Dubai-based venture capital firms and Emirati investors who raised concerns about rapid price manipulation. The token’s trading volume experienced a sharp surge and subsequent drop within a short period, suggesting coordinated fraud.
<h2 class="wp-block-heading" id="h-dubai-venture-capital-ceo-highlights-influencer-manipulation">Dubai Venture Capital CEO Highlights Influencer Manipulation</h2>
A <a href="https://twitter.com/syedsameer/status/1845893461528269228" target="_blank" rel="noopener noreferrer nofollow">tweet</a> by Syed Sameer, CEO of a Dubai-based venture capital firm, provided more details about the complaint, explaining how influencers, key opinion leaders (KOLs), and insiders might have manipulated WAP’s price for p…
The post <a href="https://coinedition.com/uae-regulator-calls-for-sec-probe-into-cardi-b-promoted-wap-token/" rel="noopener noreferrer nofollow">UAE Regulator Calls for SEC Probe into Cardi B-Promoted WAP Token</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

UAE Regulator Calls for SEC Probe into Cardi B-Promoted WAP Token

Table of Contents

Coin Edition

Other articles published on Oct 15, 2024

Crypto Losses in 2024 Soar to $2.11 Billion, Surpassing 2023’s Annual Total: Report

Fission Labs Brings VC to DeFi: Announces $1.6M Pre-Seed Raise led by SALT Fund, Kraynos Capital;...

XRP on the Edge of a Breakout as JetBolt Presale Booms – What’s Next?

Metaplanet Stock Surges After Latest Bitcoin Purchase, Shopping 107 BTC

Bernstein Analysts Explain the Real Reason and Expectations for the Rise in Bitcoin!

Bitcoin Will ‘Technically’ Hit $233,000 in Q1 2025

Join our free newsletter for daily crypto updates!