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 low levels. This has created debates, particularly on the aspect of insider trading and this has left fans as well as investors in a state of confusion. 

Chimaev’s manager, Majdi Shammas, has now come out to the public to explain what happened, complaining that the fighter jumped directly to the media to post his feelings. However, to the debate, famous blockchain investigator ZachXBT has given a vital reply.

The rise and fall of SMASH Coin

Only several days before, Chimaev was actively endorsing the SMASH coin with the words ‘smash’ on this new type of currency. Yet in a matter of hours the value of the new coin dropped by more than 95% of its original value, and charges of insider trading followed. What ended up as a glamorous investment, turned out to be a nightmare to many.

Manager’s explanation

Shammas stated that he was contacted by a group purporting to be Chimaev’s fans and requested a promo video. “On that, I complied, no more, no less,” he replied.

Even Chimaev himself had promoted the coin in a now-deleted video, where he said “There is one crypto coin about me. They call it SMASH.

Let’s ‘smash’ together, guys Let’s go”. This endorsement contributed to the fire when the price of the coin plummeted.

ZachXBT’s response

The case of the SMASH coin scandal was explained by the blockchain investigator ZachXBT. ZachXBT claimed that Chimaev was ‘invested’ in the token and used his name and likeness to endorse the item. SMASH coin involved a team which apparently bought almost all the tokens and then tried covering them up to inflate the token’s price. Within 24 hours of being called out, Chimaev got rid of all posts that referenced the token.

Unfortunately, the token’s price is down by over 95% and numerous investors are left with pumps and dumps – literally empty pump handles and feelings of betrayal. 

The SMASH coin scandal brings the problems connected with celebrities-cryptocurrencies and the need for their proper investigation. Whether Chimaev and his team can return to the level and gain the trust of the fans once again the time will show, however, this story has left a clear trace in the work of the wrestler.

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