October 8 Crypto News- Cardi B’s WAP Token Linked to Scam Origins
October 8 Crypto News– In a recent promotional post on her official X account, rapper Cardi B shared a wallet address while advertising WAP tokens, a cat-themed memecoin that stands for Wet Ass Pussy. However, this wallet address has been traced back to a known crypto scammer, raising concerns among crypto investigators. Initial findings from pseudonymous blockchain analyst Wazz indicated that Cardi B’s wallet had connections to multiple rug pull projects.
Crypto investigation firm PeckShield suggested that Cardi B’s account may have been hacked by a scammer. A blockchain data visualization platform, BubbleMaps, discovered that 60% of the WAP supply was bundled at launch, and approximately $500,000 worth of tokens were dumped within just 10 hours. Additionally, BubbleMaps noted that 15 crypto addresses, funded by a crypto exchange wallet, transferred their WAP holdings across roughly 100 new wallets just four hours ago in an attempt to obscure their activity.
Supreme Court Clears Path for Sale of $4.4 Billion Silk Road Bitcoin
In another significant development, the United States Supreme Court has declined to hear a case regarding the ownership of 69,370 Bitcoins—valued at approximately $4.38 billion—that were seized from the dark web marketplace Silk Road.
Battle Born Investments, claiming rights to the seized Bitcoin, attempted to bring its case before the Supreme Court after being dismissed by both a district and an appeals court. The Supreme Court’s refusal could enable the government to proceed with the sale of the Bitcoin stash. The previous courts were not convinced by Battle Born’s arguments, including a claim that the Bitcoins were acquired through bankruptcy proceedings involving an alleged thief from Silk Road.
FTX Bankruptcy Plan Receives Court Approval
On October 7, U.S. Bankruptcy Judge John Dorsey approved a liquidation plan for the collapsed crypto exchange FTX. This decision allows FTX to wind down operations and repay its depositors. According to the plan, FTX can repay approximately 98% of its users roughly 119% of their account value, which opens the door to over $16 billion in repayments.
This confirmation is a significant milestone toward distributing cash to customers and creditors, stated FTX CEO John J. Ray III. He also expressed optimism about returning 100% of bankruptcy claims plus interest for non-governmental creditors. This court decision comes nearly two years after FTX initially filed for bankruptcy, an event that was widely described as a pivotal moment for the crypto industry.
FAQs
What happened with Cardi B’s promotion of the WAP token?
Cardi B promoted the WAP token, a cat-themed memecoin, on her official X account. However, her wallet address linked to the promotion was traced back to a seasoned crypto scammer, raising concerns about the legitimacy of the token. Investigators found that the wallet had connections to multiple rug pull projects.
What is the current status of the Silk Road Bitcoin case?
The U.S. Supreme Court declined to hear a case regarding the ownership of 69,370 Bitcoin seized from the Silk Road marketplace. This decision potentially clears the U.S. government to sell the Bitcoin, which is valued at approximately $4.38 billion.
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