Chimaev’s Alleged Involvement in Crypto Scandal

Recently, UFC star Khamzat Chimaev found himself at the center of a controversy involving his Smash memecoin. The token’s value plummeted drastically, leading to allegations of insider trading. According to on-chain investigator ZachXBT, up to 78% of the Smash token’s supply was bought by wallets linked to insiders, sparking accusations of a pump-and-dump scheme.

Manager Majdi Shammas Clarifies the Situation

Chimaev’s manager, Majdi Shammas, took to social media to clarify the situation, emphasizing that Chimaev was not involved in the alleged fraudulent activities. Shammas explained that a group claiming to be fans of Chimaev requested a promotional video featuring the fighter. Believing the video was for genuine promotional purposes, Shammas agreed without foreseeing any negative consequences.

“I want to comment on the recent reports about the Smash memecoin. I was contacted by a group who claimed to be fans of my client Khamzat Chimaev. They wanted a short video to promote their launch. I agreed to it, nothing more, nothing less,” Shammas stated.

I want to comment the recent reports on the SMASH meme coin. I was approached by a group claiming to be fans of my client Khamzat Chimaev. They wanted to record a short video promoting their launch. So I agreed to that, nothing more nothing less. Maybe I was mislead. Khamzat…

— Majdi Shammas (@MajdiShammas) July 7, 2024

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Apology to Fans and Affected Investors

Shammas expressed his regret over the incident, apologizing to both Chimaev and the investors who suffered losses. He stressed that neither he nor Chimaev had any knowledge of the group’s intentions to manipulate the market.

“Perhaps I was misled. Khamzat was not involved and knows as little as you do. The news is very disturbing, and I am now seeking an explanation from those responsible. I apologize to Khamzat and everyone else affected. If I could have done anything differently, I would have. Thank you for your understanding, I will keep you updated,” Shammas added.

Awaiting Further Information

Currently, Shammas is seeking answers and will provide updates once he has more information. Chimaev himself has yet to comment on the incident, possibly because he is also seeking clarity regarding the misuse of his name by the group involved.

For more detailed updates, please refer to the original coverage on MMAnytt.se