Edel Finance, EDEL token sniping controversy… internal wallets found to have secured over 30%

Stock token platform Edel Finance has come under increased scrutiny after it was revealed that wallets linked to the internal team had pre-secured more than 30% of the EDEL token supply.

According to crypto media DL News on the 27th (local time), addresses connected to Edel Finance secured 30% of the supply immediately after the token generation event (TGE). The amount is approximately $11,000,000 at current market prices. Edel Finance recently launched the EDEL token and announced that only 12.7% of the supply was allocated to the team, promoting a fair launch (Fair-Launch).

However, as wallets associated with the project obtained 30% of the supply right after the TGE, allegations have arisen that insiders pre-emptively captured gains before a price surge. It was confirmed that internal wallets were used in this process, intensifying the controversy.

Edel Finance co-founder James Sherbon did not deny that the team sniped tokens. Sherbon explained that the purchase was part of a plan to place 60% of the tokens into a vesting contract. Nevertheless, the community has pointed out that the token supply structure and actual movements do not match, and there are signs that obfuscation techniques were used during the sniping transactions.

Signs of internal wallet involvement in the EDEL token distribution have been exposed, and transparency concerns in the market continue.