UFC fighter Khamzat Chimaev and the SMASH coin scandal: the problems of celebrities-cryptocurrencies

The new emergence of controversies in the cryptocurrency realm includes UFC fighter Khamzat Chimaev and the SMASH coin, a meme coin that fell to drastically

UFC fighter Khamzat Chimaev has found himself at the center of a cryptocurrency controversy after promoting a meme coin that subsequently crashed.

Chimaev's manager, Majdi Shammas, has claimed that the fighter jumped directly to the media to post his feelings, without fully understanding the situation. However, blockchain investigator ZachXBT has provided a detailed account of the events.

Chimaev had promoted the SMASH coin with the words "smash" on the new type of currency. But within hours, the value of the coin dropped by more than 95% of its original value, leading to accusations of insider trading.

According to Shammas, he was contacted by a group purporting to be Chimaev's fans and asked for a promo video. "On that, I complied, no more, no less."

Chimaev himself had promoted the coin in a now-deleted video, saying "There is one crypto coin about me. They call it SMASH. Let's 'smash' together, guys. Let's go." This endorsement contributed to the hype surrounding the coin, which crashed as its price plummeted.

According to blockchain investigator ZachXBT, Chimaev was "invested" in the token and used his name and likeness to promote the item. ZachXBT claims that the SMASH coin involved a team that purchased nearly all of the tokens and attempted to conceal them in an effort to inflate the token's price.

Chimaev removed all posts referencing the token within 24 hours of being called out. The token's price has since decreased by over 95%, leaving many investors with pumps and dumps - literally empty pump handles and feelings of betrayal.

The SMASH coin scandal highlights the issues associated with celebrities endorsing cryptocurrencies and the need for proper due diligence. Whether Chimaev and his team can regain the trust of fans and return to the level of success he once enjoyed remains to be seen, but this story will undoubtedly leave a lasting impact on the wrestler's career.

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