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Concerns Over Edel Finance Token Launch Activity Edel Finance, a lending protocol focused on tokenized stocks and real-world assets, is facing scrutiny due to suspicious activities during its token launch. Bubblemaps, a blockchain analytics platform, reported that around 160 wallets amassed 30% of the EDEL token supply, valued at $11 million, just before trading commenced. The platform suggested these wallets were interconnected and funded in a coordinated manner. In crypto terms, 'sniping' refers to using trading bots to buy tokens immediately upon their release, allowing early investors to secure lower prices. The wallets were funded with Ether through a series of intermediary wallets before acquiring the EDEL tokens. Each wallet received half of the tokens, while the rest was distributed among 100 secondary wallets, all linked to the token contract. Edel Finance's co-founder, James Sherborne, claimed the team intended to acquire 60% of the supply, which was locked in vesting contracts. However, Bubblemaps criticized this explanation, drawing parallels to past controversies in the crypto space. #latesNews
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