Cardi B's WAP Token Promotion Uncovered as Link to Crypto Scammer

Cardi B's Promotion of WAP Token Under Scrutiny

Recently, American rapper Cardi B promoted a new cryptocurrency called WAP, a cat-themed memecoin, through her official X account. However, this seemingly innocent promotion has taken a troubling turn, as investigations revealed that the wallet address shared by Cardi B is linked to a seasoned crypto scammer.

Discovery of the Scam Connection

On October 8, Cardi B's post included a wallet address along with a video showcasing WAP's mascot, which quickly caught the attention of crypto investigators. Wazz, a pseudonymous blockchain investigator, conducted an initial probe that revealed numerous connections between Cardi B's wallet address and a variety of suspicious projects previously associated with rug pulls—a term used to describe fraudulent schemes in the cryptocurrency world.

Was Cardi B’s Account Hacked?

The crypto investigation firm PeckShield speculated that Cardi B’s X account had been compromised by a hacker who took advantage of her influence to promote a potentially fraudulent token. However, Cardi B's recent tweets featuring cat-themed content led many to believe that the promotion of the WAP token was indeed pre-planned rather than a product of hacking. Wazz subsequently dismissed the notion of account hacking, claiming that the promotion appears to be a deliberate marketing strategy.

Concerns About Celebrity Tokens and Scams

Regardless of the intentions behind Cardi B's promotion, members of the crypto community are alarmed by the increasing number of scams and rug pulls associated with celebrity-endorsed tokens. According to BubbleMaps, a blockchain data visualization platform, approximately 60% of the total WAP supply was already bundled at the launch. Alarmingly, around $500,000 worth of tokens were dumped just within the first ten hours of the project being launched. Investigators found that multiple crypto addresses, funded by an exchange wallet, moved their WAP holdings across approximately 100 wallets to obscure their tracks from scrutiny.

Response from Other Celebrities

The promotion of WAP has not gone unnoticed in the entertainment world. Fellow rapper Iggy Azalea, who is also promoting her own memecoin called Mother Iggy (MOTHER), took the opportunity to criticize Cardi B's promotion. Furthermore, some users on X have speculated about the return of Sahil Arora, known for launching numerous celebrity memecoins and who has previously faced accusations of running social engineering scams. In August, crypto investigator ZachXBT estimated that Arora made over $3 million in 2024 solely from launching a series of these celebrity cryptocurrency projects.

Conclusion

The situation surrounding Cardi B’s promotion of the WAP token serves as a reminder of the risks associated with celebrity-backed cryptocurrencies. As scams continue to proliferate within the crypto space, it becomes increasingly important for investors and fans alike to conduct thorough research and exercise caution before engaging with new tokens, particularly those endorsed by public figures.