I encountered something quite interesting today. A project shared screenshots of their Bubblemaps on Twitter, showing that the token distribution was particularly dispersed, with the top ten holdings only accounting for 15%, which looked very healthy. But I always felt something was off, so I did a bit of digging myself.

It turned out that the project team played a little trick. They distributed most of the tokens across hundreds of newly created wallets, with each wallet's holdings kept just below the top 100 level. Even more absurdly, the initial funds for these wallets all came from the same source, and they were created just a week before the project went live.

I marked this on Intel Desk, and it wasn't long before other users provided more evidence. It turned out that these "retail wallets" all performed the same operations at the same time, clearly indicating that someone was orchestrating them. The project team later tried to argue that it was a grassroots community effort, but the on-chain data stripped them bare.

This incident made me realize that no matter how good the tools are, you need to know how to use them. You can't just look at surface data; you need to ask a few more why's. Why were these wallets created at the same time? Why are the holdings so close? Why are the trading patterns so similar?

Sometimes, the most terrifying thing isn't an obvious scam, but those carefully packaged lies. #Bubblemaps $BMT @Bubblemaps.io