Edel Finance-affiliated wallets allegedly "snatched up" 30% of the token supply; co-founder denies allegations.

According to Bubblemaps, Edel Finance "snapped up" 30% of the EDEL token supply, worth $11 million, during the token's launch this month. Bubblemaps, a blockchain analytics platform, claims that these wallets were coordinated and pooled shortly before trading opened.

Bubblemaps published an article on its X platform stating that Edel Finance purchased 30% of the EDEL tokens and subsequently attempted to conceal this activity through a complex network of wallets and liquidity positions. The platform revealed that a cluster of approximately 160 wallets accumulated 30% of the EDEL token supply, worth $11 million. This cluster injected capital through a coordinated strategy involving Binance and MEXC, and executed the purchase in a manner consistent with a “snap-up” (referring to automated trading bots buying up tokens at the time of issuance).

Bubblemaps details that these wallets were injected with Ethereum (ETH) and constructed through multiple layers of new wallets before executing transactions. Half of the purchased tokens were allocated to 100 secondary wallets, all of which were linked to MEXC. Bubblemaps states that this established a clear connection between the team and the "snap-up buyers." The analytics firm notes that the token contract code explicitly includes these secondary wallets, indicating that they were deliberately concealed.

Bubblemaps also cited transparency issues. The platform stated that Edel Finance failed to disclose its alleged strategy. The platform wrote, "You have never disclosed any 'planned' flash sales, neither on Telegram, the X platform, nor in your documentation."

In response to these allegations, Edel Finance co-founder James Sherborne stated that the team planned to acquire 60% of the token supply and then lock it into a token vesting contract. Sherborne said, "The chart is cool, but inaccurate... We actually acquired approximately 60% of the supply and put those tokens into the vesting contract according to the documentation."

However, Bubblemaps challenged this claim, calling it a "Hayden Davis-style" defense. They maintained that if Edel Finance were sincere, they would pre-allocate supplies based on token economics. They added, "Using token economics as an excuse to cover up our findings is a flimsy reason."

According to Edel Finance's token economics, only 12.7% of the token supply was allocated to the team, and this was done through a 36-month vesting plan, including a six-month unlocking period.

According to Bubblemaps, some "buyers" and token deployers have used the same methods to dump tokens. Bubblemaps responded that 50% of the EDEL token supply in the vesting plan comes from token deployers and is unrelated to this "buy-and-sell" activity.

Meanwhile, the market capitalization of the EDEL token has fallen by 62% to $14.9 million in the past week, and it is currently trading at $0.02937.