After crypto observers and experts pointed out shady activity with the token, NBA Hall of Famer Scottie Pippen doubled down on his Ethereum project to try to boost confidence.
Pippen’s contentious Ethereum-based BALL project launched on Aug. 2, facing immediate backlash from the community. Users quickly added community notes to Pippen’s announcement post on X, warning investors to steer clear of the so-called real-world asset initiative.
Crypto sleuth ZachXBT highlighted that the BALL deployer address mirrored a wallet used for at least two past scams, commonly known in web3 as rug pulls. ZachXBT also noted that Pippen launched a non-fungible token during the NFT twilight in 2022, which failed and is widely regarded as another rug pull.
Another crypto observer provided data showing Pippen and the developer wallet dumping $330,000 worth of BALL tokens in a single transaction. In response, the six-time NBA champion claimed 103 Ether (ETH) in liquidity was withdrawn to “mitigate attacks” amid heavy scrutiny from the crypto community.
Pippen’s post failed to quell doubts, as social media users replied with data showing that BALL insiders controlled over 15% of BALL’s supply.
Unsuccessful projects and controversy surrounding celebrity crypto projects have not discouraged public figures from pouring into Web3. However, most launches have happened on Solana (SOL). As crypto.news reported, some 30 celebrity memecoins debuted on Solana last month. Most of the projects flunked, leaving many affected users and growing animosity for popular individuals entering the space.