Ronaldinho's STAR10 Token: Insider Trading Allegations Cloud Celebrity Crypto

Football legend Ronaldinho's cryptocurrency token, STAR10, has come under scrutiny following allegations of insider trading. Launched on March 3, the token, built on Binance Smart Chain, promised exclusive benefits such as signed memorabilia and access to an AI agent, attracting significant investor interest.

Shortly after its release, STAR10 surged over 20%, reaching a peak of $0.29. The token's market cap currently stands at nearly $20 million, with a fully diluted valuation of $23.5 million and a trading volume exceeding $26 million. However, the rapid price surge and trading activity have drawn scrutiny, with on-chain data revealing potential insider trading.

Blockchain analytics firm Nansen identified an insider wallet linked to Ronaldinho that profited nearly $4.95 million from the token's launch. The wallet reportedly acquired 20.79 million STAR10 tokens for 48 BNB (around $29,247) and has since sold a small portion, leaving a substantial holding worth $4.93 million. Blockchain investigators flagged unusual trading patterns in STAR10's early market activity, with the identified insider wallet selling 119,278 tokens for 54 BNB ($33,106) while retaining over 20.68 million tokens.

The revelations have led to accusations of pre-planned profit-taking, raising concerns over transparency in celebrity-backed cryptocurrencies. The token's association with a high-profile figure like Ronaldinho amplified initial investor enthusiasm, but the insider trading allegations have cast a shadow over its legitimacy. Crypto traders reacted with scepticism, with some calling STAR10 a "celebrity cash grab" and questioning the long-term viability of such tokens.

Ronaldinho's involvement in cryptocurrency has been marked by past controversies, with accusations of endorsing projects that later collapsed. In September 2023, he faced legal scrutiny over his alleged ties to 18kRonaldinho, a crypto investment scheme accused of defrauding investors of $61 million. The football star has also promoted meme coins like WATER and Baby Doge, as well as NFT projects such as Lord Society and World Cup Inu, some of which suffered sharp declines following their initial hype.