Bubblemaps accused Edel Finance of "sniping" 30% of the supply during the token issuance, which the co-founder denied.

According to a report from the Deep Tide TechFlow on November 27, the blockchain analysis platform Bubblemaps disclosed that the decentralized lending protocol Edel Finance “sniped” 30% of the EDEL token supply during its token issuance earlier this month, valued at approximately 11 million dollars.

Bubblemaps indicates that about 160 wallets obtained these Tokens through coordinated strategies, with funding sourced from centralized exchanges, employing automated trading methods consistent with “sniping”. The platform points out 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, James Sherborne, co-founder of Edel Finance, stated that the team plans to acquire approximately 60% of the Token supply and lock it in the Token release contract, in accordance with the project documentation. However, Bubblemaps raised questions about this explanation, arguing that if the project team is sincere, they should pre-allocate the supply according to the Token economics.