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After cryptocurrency observers and experts pointed out suspicious activity with the token, NBA Hall of Famer Scottie Pippen doubled down on his ethereum project to try and boost confidence.
Pippen's controversial ethereum-based BALL project x.com/ScottiePippen/status/1819140102620418189″ target=”_blank” rel=””>thrown out On August 2, the community faced immediate backlash. Users quickly added community notes to Pippen’s announcement post on x, warning investors to stay away from the so-called real-world asset initiative.
crypto sleuth ZachXBT highlighted that the BALL implementer’s address mirrored a wallet used in at least two previous scams, commonly known on web3 as “rug pulls.” ZachXBT also noted that Pippen launched a non-fungible token during the nft twilight of 2022, which failed and is widely regarded as another “rug pull.”
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Another crypto observer provided data showing that Pippen and the developer wallet dumped $330,000 worth of BALL tokens in a single transaction. In response, the six-time NBA champion claimed that 103 Ether (eth) worth of liquidity was removed to “mitigate attacks” amid heavy scrutiny from the crypto community.
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Pippen’s post failed to dispel doubts, as social media users responded with data showing that BALL insiders controlled more than 15% of the BALL supply.
Failed projects and controversy surrounding celebrity-led cryptocurrency projects have not deterred public figures from jumping on board with Web3. However, most of the launches have occurred on Solana (SOL). As reported by crypto.news, about 30 celebrity meme coins debuted on Solana last month. Most of the projects failed, leaving many users affected and growing animosity towards popular people entering the space.
