Nigerian Singer Accused of Pump-and-Dump Scheme with New Crypto Token

IconCryptoNewsTerminal Staff30 May, 2024

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Nigerian Singer Accused of Pump-and-Dump Scheme with New Crypto Token

Blockchain analytics firm Ubble Blockchain has accused Nigerian singer Davido of promoting a pump-and-dump scheme involving his own cryptocurrency token. According to the firm, Davido created an account on the Solana blockchain and purchased 20.3% of the total supply of a token called DAVIDO for 7 SOL. He then allegedly sold the tokens for 2,781 SOL, generating a profit of over 2,600 SOL. Blockchain expert ZachXBT noted that Davido has been promoting several alleged "scammy projects" in the past. He urged investors to be cautious when investing in any cryptocurrency promoted by celebrities. Davido has not yet commented on the allegations.