Ronaldinho’s STAR10 Token Causes Crypto Controversy Over Security Issues and Potential…

ns, the trader first acquired 20.79M STAR10 tokens for 48 BNB, valued at US$29K (AU$46K), later selling a small portion while holding the remainder, which is now valued at about US$4.9M (AU$7.8M).

Increasing Security Concerns Overcast Launch

Similarly, Lookonchain reported that another wallet linked to insider activity acquired 122.45M tokens, 12.24% of the total supply, for 80 BNB, which is around US$50K (AU$80.5K), and then sold one million tokens within minutes for 433 BNB, at US$270K (AU$434K) leaving its remaining holdings valued at approximately US$33.5M (AU$53M).

That’s not the worst part. In addition to these trading irregularities, the firm GoPlus highlighted several security concerns after checking the project’s smart contracts, which already have too many vulnerabilities. More specifically, the token’s owner could burn tokens from any holder’s wallet. 

A subsequent developer update confirmed that the vulnerability had been addressed, somewhat alleviating the immediate concerns. However, it is not enough in an industry where celebrities have rugged users before with memecoin launches. 

In conclusion, Ronaldinho’s STAR10 token launch on the Binance Smart Chain has sparked controversy due to security gaps and potential insider trading. The token, accompanied by exclusive perks and promises by the Brazilian soccer legend, garnered significant attention and rapid price surge. However, concerns were raised regarding insider profits and security flaws in the smart contracts, leading to increased scrutiny of the project. Despite some issues being addressed, the incident has generated skepticism and highlighted the risks associated with celebrity-backed cryptocurrencies.