Bubblemaps accuses some crypto influencers of profiting from their fans by using hidden wallets, and calls for launchpad to audit top traders and ban repeat offenders. It is also stated that another well-known individual will soon be named publicly.

• Bubblemaps indicates that publicly traded wallets will attract fans, while undisclosed addresses are responsible for selling tokens.
• The company stated that the promotion rewards and leaderboard mechanisms will encourage traders to make use of their audience.
• Previous investigations involved allegations of related activities involving Ethan, Anglio, Solstice, and Kimchi.
• Its latest post promised to launch another investigation, but did not name any of the relevant internet celebrities.

In a post on X on November 6th, Bubblemaps outlined these allegations, stating that the transparency promised by social trading platforms had been undermined as traders concealed certain activities from the public eye.

This blockchain analytics company described a recurring pattern: public wallets, hidden selling addresses, paid token recommendations, and coordinated buying spread across multiple wallets.

"One of the largest KOLs in the encryption field has been secretly extracting millions of dollars from its audience," the company claimed, adding that it would soon reveal the identity of this person.

Bubblemaps claims that public wallets conceal some transactions

According to the company, some internet celebrities use visible wallets to attract people who will copy their transactions, while selling through separate addresses. Even if the tokens purchased by fans are exactly those that the promoters are preparing to sell, the promotional recommendations may still result in rewards.

His criticism also extends to launchpad, which provides alliance payments, call-order rewards, and rankings based on trading activities. Bubblemaps believes that these platforms focus too much on generating trading volume and do too little in identifying associated wallets or hiding token holdings.

"Side wallets have become a business model," the company wrote.

It indicates that success on the rankings can enable traders to gain an audience, who may later become the targets of their sales. The company criticizes the defense that "coordinated buying is a normal practice," stating that the problem lies in the concealment of supply.

The proposed measures include auditing top traders, disclosing their other wallets, and banning repeat offenders. The post did not specifically name the individuals it promised to investigate.

Ethan Separate the calculation of transaction profits from rewards.

The latest allegations continue a series of previous investigations surrounding how internet celebrities trade their own tokens before and after recommending them.

As previously reported by crypto.news, Bubblemaps reviewed 49 token promotions related to internet celebrity Ethan, and estimated the related earnings to be around $125,000.

The company attributed $45,000 of this amount to trading profits and $80,000 to promotion rewards. It stated that while the public wallet was buying, three other suspected side wallets were also purchasing, followed by recommendations and subsequent sales.

In the summary it published, Bubblemaps indicated that these wallets typically start selling within three minutes after a trade order is placed. Some of these sales reportedly occurred while positive posts about the token were still being posted continuously.

This investigation began with an anonymous source encouraging the company to review the recommendations and trading patterns of Ethan. Bubblemaps described their findings as analysis and estimation.

The Anglio and Solstice cases reviewed the association between time points and wallets.

In another investigation, Bubblemaps reviewed 534 recommendations published by Anglio in the first half of October.

The company identified 5 wallets associated with this internet celebrity and claimed that they made purchases about 61% of the time before recommendations were made, on average about 20 seconds in advance, and then sold them a few minutes later.

The estimated total earnings amount to $130,000, of which approximately 40% is attributed to trading, and 60% is attributed to order placement rewards. Bubblemaps indicates that Anglio has acknowledged using the method described.

The focus of its investigation into Solstice is on the token holding situation, as well as the discrepancies between the publicly visible results and the activities of the allegedly associated wallets.

According to the company, Solstice rose to third place in the FOMO rankings, and its STONK position showed a profit of 5 million US dollars. Subsequently, he promoted tokens including STONKINU, BOP, QUEEF, and HEV.

Bubblemaps indicates that dozens of newly created wallets made purchases around the same time, with each wallet holding between 0.5% and 1% of the token supply. The company reported a connection between the public wallets and the token deployers, and thousands of intermediate addresses were used in the transaction paths.

The publicly displayed loss on the reviewed tokens for the wallet amounted to $70,000, while the allegedly associated wallet showed a profit of $270,000. Bubblemaps pointed out that in all cases, these packaged positions are not necessarily sold immediately.

Kimchi Related censorship doubts regarding claims promoting traders

In the company's latest investigation, Kimchi was also mentioned, as there were previous rumors that he had earned $40 million through trading TRUMP.

Bubblemaps indicates that it traced the association between a publicly given wallet and other addresses, and estimated that the TRUMP profit was approximately 6 million US dollars. The company criticized the use of larger, unverified figures to promote this trader.

In addition, a promotion for a KIMCHI token also sparked scrutiny because one of the AI generated images on his account contained a QR code that led to a newly created Pump.fun token.

It is claimed that the market value of this token once approached $14 million, before subsequently falling by more than 95%. Pump.fun, co-founder with Alon, shared this promotional content, which attracted attention at the time, but later that content was deleted.