TechFlow news, November 27 — According to blockchain analytics platform Bubblemaps, decentralized lending protocol Edel Finance "sniped" (front-ran) 30% of the EDEL token supply during its token launch earlier this month, worth approximately $11 million.
Bubblemaps stated that around 160 wallets obtained these tokens through a coordinated strategy, with funds originating from centralized exchanges and employing automated trading methods consistent with "sniping." The platform noted that these wallets structured their funds through multiple layers of new wallets, with half of the purchased tokens distributed to 100 secondary wallets.
In response, Edel Finance co-founder James Sherborne said the team planned to acquire about 60% of the token supply and lock it in a token vesting contract, which he claimed aligns with project documentation. However, Bubblemaps questioned this explanation, arguing that if the project were genuine, it should have pre-allocated supplies according to its tokenomics model.
