- Ronaldinho launched his STAR10 memecoin on the Binance Smart Chain with exclusive perks like signed collectibles and VIP experiences.
- The token’s rapid price surge and high market cap led to significant insider profits, raising concerns about tokenomics.
- Security flaws in the smart contracts—such as potential token burning by the owner—were flagged, though some issues have since been addressed.
Yet another celebrity launches a shady cryptocurrency with concerning smart contract rules and “vulnerabilities”.
This time, Brazilian soccer legend Ronaldinho launched his STAR10 token on the Binance Smart Chain (BSC), with high fanfare and bold promises of exclusive perks such as signed collectibles, VIP experiences in private events and even access to an AI agent.
In a post on X, Gaúcho said:
My new one and ONLY OFFICIAL token is HERE! It’s time to celebrate greatness, passion, and that legendary spirit that NEVER fades.
Ronaldinho Gaúcho Related: “No Change in US Crypto Banking Under Trump”, Says Custodia Bank CEO Caitlin Long
STAR10’s price skyrocketed upon launch, reaching an all-time high of US$0.3855 (AU ($9.91)$0.62) and pushing its market cap beyond US$360M (AU$579M).
The project even has a roadmap of at least three phases, and apparently we’re on phase one. Interestingly, the second phase unlocks “the power of AI, Web3, and real-world rewards for $STAR10 holders”, whatever that means.
Source: Star10token.comHere’s where we get to the bad part. It seems an individual closely tied to Ronaldinho reportedly made nearly US$5M (AU$8.04) in profit.
According to blockchain platform Onchain Lens, the trader first acquired 20.79M STAR10 tokens for 48 BNB ($563.51), valued at US$29K (AU$46K), later selling a small portion while holding the remainder, which is now valued at about US$4.9M (AU$7.8M).
Increasing Security Concerns Overcast Launch
Similarly, Lookonchain reported that another wallet linked to insider activity acquired 122.45M tokens, 12.24% of the total supply, for 80 BNB, which is around US$50K (AU$80.5K), and then sold one million tokens within minutes for 433 BNB, at US$270K (AU$434K) leaving its remaining holdings valued at approximately US$33.5M (AU$53M).
That’s not the worst part. In addition to these trading irregularities, the firm GoPlus highlighted several security concerns after checking the project’s smart contracts, which already have too many vulnerabilities. More specifically, the token’s owner could burn tokens from any holder’s wallet.
Related: Bitcoin Too Volatile for Reserve Asset, Claims Swiss National Bank President
A subsequent developer update confirmed that the vulnerability had been addressed, somewhat alleviating the immediate concerns. However, it is not enough in an industry where
celebrities have rugged users before with memecoin launches.
The post Ronaldinho’s STAR10 Token Sparks Crypto Controversy Amid Security Gaps and Potential Insider Trading appeared first on Crypto News Australia.
