Concerns are growing about unusual activities surrounding the token launch of Edel Finance, a protocol focused on cryptocurrency stocks and real assets. According to Bubblemaps, around 160 linked wallets have quietly accumulated nearly 30% of the EDEL supply — currently valued at 11 million USD — right as the token goes on sale. These wallets are alleged to have received funds in a coordinated manner from Binance and MEXC, passing through multiple new wallet layers to obscure the origin. Bubblemaps suggests that this model indicates a clear connection between the wallet group and the Edel Finance team.
Edel co-founder, James Sherborne, denied the allegations, stating that the team proactively purchased about 60% of the supply and locked them in a vesting contract according to the tokenomics documentation. However, Bubblemaps dismissed the explanation, arguing that a valid allocation must be transparent from the outset. The controversy arose when the market capitalization of EDEL was around 15 million USD and the price had sharply declined since its launch on November 12.
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