Developers of the Ronaldinho-themed meme coin have renounced ownership of the token following public outcry around token burn feature.
For context, football legend Ronaldinho Gaúcho recently entered the crypto space with the launch of his memecoin, STAR10.
Promoted as his only official token, Ronaldinho described it as a celebration of passion and greatness. The project features a total supply of 1 billion tokens, granting holders access to exclusive challenges, rewards, and events linked to the football icon.
Meanwhile, shortly after the launch, security firm GoPlus Security flagged a major vulnerability in the token’s smart contract. The contract initially allowed the owner to burn any holder’s tokens at will, raising serious concerns about centralized control.
To address this concern, the security firm urged the STAR10 team to renounce ownership to protect investor assets.
Developers Respond to Community Pressure
Following widespread criticism, the STAR10 development team took action by renouncing ownership of the smart contract. This means they permanently forfeited administrative control, preventing any future alterations such as minting new tokens, burning tokens, or freezing transfers.
GoPlus Security later confirmed the fix in a follow-up tweet: “Ownership renounced, no risk from smart contract level now.”
This move reassured investors that their holdings were no longer at risk of arbitrary burns.
Ownership renounced already, no risk from smart contract level now ✅ pic.twitter.com/nDEUZyDVnG
— GoPlus Security (@GoPlusSecurity) March 3, 2025
Suspicious Pre-Launch Trading Activity Raises Eyebrows
Despite resolving the security issue, STAR10 faced further scrutiny over pre-launch trading activity. Blockchain data from Lookonchain disclosed that an address of the STAR10 team purchased 122 million tokens just before the public announcement.
The address spent 80 BNB ($593.55) (around $50,000) on these tokens and has already realized a profit of $270K from the trade. At the time of Lookonchain’s disclosure, the wallet still had a balance of 121 million STAR10 coin worth over $33 million.
The massive profit this wallet has accrued, especially following his early entry, has raised concerns about potential insider trading and unfair advantages.
Binance and CZ Distance Themselves from STAR10
Adding to the discussion, Binance co-founder Changpeng Zhao (CZ) publicly clarified that Binance has no business ties with Ronaldinho or his token.
Despite expressing admiration for the footballer, CZ warned users that meme coins remain highly volatile, and trading volumes have declined significantly.
Is STAR10 Another Celebrity Crypto Failure?
Ronaldinho has actively promoted STAR10 on social media, using hype-driven language and urging followers to invest. However, skeptics have drawn comparisons to past celebrity-backed crypto failures.
A commenter on his post shared an image listing failed celebrity-endorsed tokens and NFTs, including projects promoted by Kim Kardashian and Floyd Mayweather, most of which have tanked by around 90%. Given this history, many investors remain cautious about STAR10’s long-term viability.
A long list of rugged celebrity tokens
