Edel Finance suspected of 'sniping' 30% of supply before token launch

Allegations have been raised that team-related wallets accumulated 30% of the token supply during the launch process of tokenized stock and RWA lending protocol Edel Finance (Edel Finance).

On the 26th (Korean time), according to Cointelegraph, blockchain analytics firm Bubblemaps reported that earlier this month about 160 wallets concentrated purchases equivalent to 30% of the total supply, approximately $11,000,000, shortly before the EDEL token launch. It claimed these wallets received funds from Binance and MEXC, were dispersed in stages, and then connected to the final purchasing wallets.

Bubblemaps said, "About 60 wallets simultaneously received funds right before the launch and subsequently purchased tokens preemptively," and, citing the inclusion of 100 auxiliary wallet addresses in the token contract code, stated, "there is a clear connection between the team and the sniping wallets."

EDEL was launched on November 12, and its market capitalization is about $14.9 million. Its price fell 62% over the past week.

James Sherbon, co-founder of Edel Finance, denied the allegations. He explained, "As stated in the documents, the team secured about 60% of the total supply and put it into a vesting contract," stating that the actual team allocation is 12.7% and follows a 36-month vesting structure.

However, Bubblemaps rebutted, saying, "That explanation is similar to meme coin cases that previously caused internal supply issues," and argued, "a 50% vesting allocation is the amount held directly by the distributor and is unrelated to sniping."