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The post Market Manipulation Concerns as $24M in Meme Coins Linked to Prominent Crypto Figure appeared first on Coinpedia Fintech News
An on-chain investigator and researcher, ZachXBT has identified 11 highly likely accounts linked with the popular crypto personality MustStopMurad, whose wallet holds about $24 million of various meme coins on the Ethereum and Solana networks. The piece raises questions on market manipulation over-concentration on digital operations of popular personalities.
Evidence of the wallet linkage
1. Common Funding Source: All of the 11 wallets were funded from one common Ethereum Address 0x93f that connects to a multi-signature wallet which Murad and the rest of the brains and masterminds behind Stakex still own.
2. Activity Time: Wallet address GyBkVY, a trader who purchased 7.5 million MINI one hour prior to the time Murad released his ‘ conviction buys list on 16th July 2024.
Most of these transactions will be virtually impossible to link to other participants, as the timing of the transactions, could be connected, to public statements made by Murad with regard to his investments.
3. DeBridge Utilization: More activity in the form of connecting to and from other Solana addresses was made via deBridge, which pointed towards even more large-scale and purposeful trading associated with Murad’s actions.
Community Impact
This discovery opens up the possibility that other wallet connections suggested some market-moving actions by the influencers. $24 million held across these wallets in meme coins might be pretty large purchasing power and using public addresses means the crypto community is going to be able to watch Murad’s future endeavors closely.
There is also an assumption that Murad might control other unpublicized wallets, aside from the 11 which has been discovered.
These constant checks point out a need for a positive role in the apparently high growth of transparency and accountability in the Cryptocurrency trading system.
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