According to DLnews, blockchain data analytics firm Bubblemaps found that Edel Finance, a non-custodial lending protocol built on EVM, is suspected to have snapped up more than 30% of the tokens, worth about $11 million, in the EDEL token offering on November 12.
Co-founder James Sherborne did not deny the matter, claiming that it was a planned operation to put 60% of the tokens into the vesting contract, but there is no public record showing that the plan was announced in advance, and the token economics page of the official website does not mention this arrangement.
During the transaction, the tokens are transferred to dozens of wallets and moved in and out of Uniswap liquidity pools, a technique often used to obscure transaction tracking. Sherborne did not explain why it was necessary to snap up rather than directly transfer to the contract. EdelFinance also did not respond to a request for comment.
The issuance of Edel Finance tokens has been questioned, and it is suspected that more than 30% of the tokens have been snapped up internally
2025-11-28 01:38:49
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