Blockchain analytics platform Bubblemaps has raised concerns about a potential coordinated sniping operation conducted by Edel Finance, a lending protocol offering tokenized stocks and real-world assets (RWAs). The investigation alleges that Edel Finance exploited an unusual network of wallets to capture nearly 30% of the newly launched $EDEL token’s supply within hours of its launch. 💎 💻 💰 This is just after the project gained attention for its team members with experience from J.P. Morgan and Airbnb. Bubblemaps uncovered a specific sequence of events leading up to the launch: A network of over 60 wallets funded from Binance, allegedly used ETH to manipulate various wallet layers, and then employed final-layer addresses to execute sniping immediately after trading opened. 🤯 The resulting acquisition of approximately $11 million in value left nearly a third of the token’s supply locked away. Bubblemaps points out that the snipers retained only half of the tokens acquired, before transferring the remaining 50% to a cluster of 100 secondary wallets funded by MEXC. 🔎 The connection is further exposed through the detailed mapping within $EDEL’s contract creation code which provides a direct link between the contract deployers and the wallets used for token acquisition. The investigation also identified two wallets linked to Edel Finance, 0xfe6A and 0x007a, who were accused of using the same obfuscation method: creating Uniswap LP NFT positions with $EDEL, transferring these NFTs to new wallets, and then burning them to reclaim tokens on fresh addresses. 👀 💰 Bubblemaps contacted Edel Finance for comment but was met with a statement from a cofounder claiming ignorance about any sniping activity. While this investigation sheds light on potential manipulation in token launches, it also highlights ongoing concerns about fairness and transparency within early-stage Web3 projects.