Ronaldinho's Star10 Token Launch Raises Concerns Amid Surging Market Cap
By: Isha Das
Brazilian football icon Ronaldinho Gaúcho has ventured into the crypto space with the launch of his official token, STAR10, on the Binance Smart Chain. Aimed at celebrating the legendary footballer's career and offering exclusive benefits to holders, the token quickly gained substantial traction within the crypto community. STAR10 promises access to signed collectibles, VIP experiences, and a portion of its proceeds directed towards social initiatives.
The initial response to STAR10 was overwhelmingly positive, as it skyrocketed to an all-time high value of $0.3855, propelling its market capitalization beyond $360 million. However, this rapid success has sparked controversy, primarily due to potential insider trading allegations and security vulnerabilities concerning the token's smart contract.
Reports indicate that certain individuals with close ties to Ronaldinho might have profited significantly. Onchain Lens analysts noted that one insider acquired 20.79 million STAR10 tokens for just 48 BNB (around $29,247) and has since profited close to $5 million. Another suspicious transaction flagged by Lookonchain involved the acquisition of 122.45 million STAR10 tokens, reflecting 12.24% of the total supply, by a wallet that managed to liquidate one million tokens for a significant profit within minutes.
Concerns over the token's security were initially raised by GoPlus, a cybersecurity firm, which alerted that STAR10's smart contract allowed the owner to burn tokens from any holder's wallet, presenting a substantial risk of unexpected token destruction. Thankfully, this issue was reported to be resolved following updates to the contract, though the early trading activities have left industry analysts calling for greater scrutiny and regulation of celebrity-endorsed tokens. Observers remain keenly interested in the token's long-term value proposition, especially given the significant percentage of its supply owned by Ronaldinho and his associates.
