Edel Finance related wallet 'snatches up' 30% token supply, co-founder denies allegations Odaily Planet Daily News: According to BubbleMaps monitoring, Edel Finance "snapped up" 30% of the token supply worth $11 million during the EDEL token launch this month. BubbleMaps is a blockchain analysis platform that claims that these wallets were associated and funded in a coordinated manner shortly before the transaction was opened. BubbleMaps posted on X platform that Edel Finance snapped up 30% of EDEL tokens and subsequently attempted to hide this behavior through a complex wallet network and liquidity positions. The platform revealed that a cluster of approximately 160 wallets has accumulated 30% of the EDEL token supply, worth $11 million. The cluster injected funds through a coordinated strategy involving Binance and MEXC, and executed purchases in a manner consistent with "flash buying" (referring to robot automated trading to seize tokens during token issuance). BubbleMaps provides a detailed explanation that these wallets have been injected into Ethereum (ETH) and built through multiple layers of new wallets before executing transactions. Half of the purchased tokens are allocated to 100 secondary wallets, all of which are associated with MEXC. BubbleMaps states that this establishes a clear connection between the team and the 'buyers'. The analysis company pointed out that the token contract code clearly includes these secondary wallets, indicating that they are intentionally hidden. BubbleMaps also referenced transparency issues. The platform stated that Edel Finance failed to disclose its so-called strategy. The platform stated in a post: 'You have never disclosed any' planned 'panic buying behavior, whether it is on Telegram, X platform, or in your documentation.'. ”In response to these allegations, James Sherborne, co-founder of Edel Finance, stated that the team plans to acquire 60% of the token supply and subsequently lock it into the token ownership contract. Sherborne said, "The chart is cool, but not accurate... We actually acquired about 60% of the supply and put these tokens into the ownership contract according to the documentation." However, BubbleMaps questioned this claim, calling it a "Hayden Davis style" defense. They insist that if Edel Finance is sincere, they will allocate supply in advance based on token economics. They added, 'Using token economics as an excuse to cover up our findings is an untenable reason.' According to Edel Finance's token economics, only 12.7% of the token supply is allocated to the team through a 36 month attribution plan, including a six-month unlocking period. According to BubbleMaps, some "flash buyers" and token deployers have used the same methods to sell tokens. BubbleMaps responded that 50% of the EDEL token supply in the attribution plan comes from token deployers and is not related to this "flash sale". Meanwhile, the market value of EDEL token has dropped by 62% to 14.9 million US dollars in the past week, with a current trading price of 0.02937 US dollars.