The first scam of the World Cup? WCUP surged to a market cap of approximately $50 million, with 95% of its supply controlled by a single entity

Odaily Planet Daily reports that, according to Bubblemaps, the FIFA-related token WCUP, which launched yesterday, surged to a market cap of approximately $50 million. 95% of its supply was snapped up immediately upon launch by over 30 new wallets. These wallets were funded from multiple centralized exchanges within the half-hour before the launch and had no on-chain history prior. Subsequently, the tokens were distributed to over 2,500 new addresses via Uniswap Router.

Bubblemaps points out that the project's documentation only vaguely mentions a presale and partner allocation. No direct team association was found on-chain, but such a high degree of concentration, combined with undisclosed paid KOL promotion arrangements, constitutes a significant risk.