Cryptocurrency Project Faces Rug Pull Allegations Amid Insider Concentration Concerns

A cryptocurrency project that leveraged its association with a high-profile figure to gain credibility is now under scrutiny due to allegations of a rug pull.

According to Bubblemaps, on-chain analytics firm, a cluster of wallet addresses linked to the CWU token sold approximately $600,000 worth of the digital asset in recent trading sessions. These addresses still control an estimated 85% of the total token supply.

This concentration of ownership raises concerns about price manipulation and potential exit scams, as insiders can flood the market with their tokens at any time.