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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Jul 09, 2024 11:45 UTC
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SMASH Coin Crashes! UFC Star Chimaev Under Fire for Promotion
UFC fighter Khamzat Chimaev promoted a meme coin called SMASH. The coin's value dropped by over 95% shortly after.
Chimaev's manager said he made a promotional video without properly investigating the coin
Blockchain investigator ZachXBT claims Chimaev's team was involved in a pump-and-dump scheme.
The cryptocurrency world just got rocked by a knockout blow! UFC fighter Khamzat Chimaev is at the center of a controversy involving a meme coin called SMASH. The token’s value has crashed faster than a fighter caught in a Chimaev kimura, leaving fans and investors reeling.
Chimaev’s manager, Majdi Shammas, has stepped forward to clarify the situation, expressing frustration over the fighter’s decision to publicly air his grievances. Shammas claimed that Chimaev’s impulsive social media post only fueled the controversy further. However, blockchain investigator ZachXBT has offered a critical perspective on the matter.
The Rise and Fall of SMASH Coin
Just days before the coin’s dramatic fall, Chimaev had been actively promoting SMASH coin with enthusiastic endorsements. Yet, in a stunning turn of events, the coin’s value crashed by over 95% within hours, leading to allegations of insider trading.
What started as an exciting investment quickly spiraled into a financial disaster for many.
A Controversial Endorsement
Shammas revealed that he was approached by individuals claiming to be Chimaev’s fans, requesting a promotional video for the SMASH coin.
Chimaev himself had previously appeared in a now-deleted video, cheerfully promoting the coin with the words, “There is one crypto coin about me. They call it SMASH. Let’s ‘smash’ together, guys. Let’s go!” This endorsement only added fuel to the fire as the coin’s price plummeted.
ZachXBT’s Investigation
Blockchain investigator ZachXBT provided insight into the SMASH coin scandal, alleging that Chimaev had a financial stake in the token and used his influence to boost its appeal. According to ZachXBT, the team behind SMASH coin purchased nearly all of the tokens and attempted to manipulate the market to inflate the price. Within 24 hours of the scandal breaking, Chimaev removed all references to the token from his social media profiles.
Unfortunately, the token’s price is down by over 95% and numerous investors are left with pumps and dumps – literally empty pump handles and feelings of betrayal.
The SMASH coin scandal brings the problems connected with celebrities-cryptocurrencies and the need for their proper investigation. Whether Chimaev and his team can return to the level and gain the trust of the fans once again the time will show, however, this story has left a clear trace in the work of the wrestler.
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