By Finbold | Created at 2024-11-28 15:22:25 | Updated at 2024-11-28 17:34:35
2 hours ago
Under the stewardship of CEO Dana White, the Ultimate Fighting Championship (UCF) has become one of the biggest, if not the biggest organization in martial arts today.
Just like the company’s CEO, plenty of the most respected UFC athletes are involved in the cryptocurrency industry — in fact, at one point, fighters even earned bonuses in the form of cryptocurrency.
However, this association hasn’t always gone over smoothly — most notably, earlier this year, Khamzat Chimaev was linked to a scam surrounding Smash (SMASH), his own cryptocurrency project that was promptly revealed to bear the markings of a typical pump and dump by online sleuth ZachXBT — with roughly 80% of the supply in wallets linked to Khamzat. Chimaev has since pinned the blame on his manager.
Now, a new crypto token is being ‘supported’ by yet another UFC star — Khabib Nurmagomedov. One of Nurmagomedov’s chief rivals in the octagon, Connor McGregor, was recently found liable in a civil case for rape, which he is set to appeal soon. This project, titled Convict McGregor (CONVICT) was praised by Khabib in an X post on November 27, although this is likely more due to his rivalry with the Irishman rather than any credibility of this project.
“Good job guys, you have my full support, this guy deserve [sic] punishment.”
The project claims that its purpose is to donate toward the legal fees of McGregor’s victims — however, not everything appears to be as it seems — and with previous instances of fraud having occurred so recently, many are worried that this apparently well-intentioned cryptocurrency is yet another scam.
Is Convict McGregor yet another crypto scam?
CONVICT has certainly experienced its fair share of activity — although the total market capitalization of the cryptocurrency is between $362,000 and $368,000 as per CoinMarketCap, at the time of writing, volume for the past 24 hours stood at $1.61 million.
At the time of publication, CONVICT trading Solana’s (SOL) DEX Raydium, an automated market maker (AMM) platform, was priced at $0.0003605 — down from the previous day’s high of $0.0014463. This drop equates to a 74.99% move to the downside — if it truly was a pump and dump, the scheme has already concluded.
Buying and selling transactions are quite evenly matched at present, and most recent transactions are small — rarely exceeding $100.
CONVICT price chart. Source: CoinMarketCapMost notably, a visit to the token’s website reveals a pretty suspicious disclosure at the bottom of the home page, which states:
“Convict McGregor” is a satirical memecoin inspired by public reports of Conor McGregor being found liable for sexual assault in a civil case. This is not a criminal conviction. The coin and its content are purely for entertainment and meme culture. Always verify facts and invest responsibly!
Nurmagomedov himself has previously been involved in an NFT project that was subsequently dubbed a scam by many. Although the promotion is most likely well-intentioned on Khabib’s part, a non-transparent project like this is best given a wide berth and avoided altogether.
Featured image via Shutterstock
