Edel Finance's affiliated wallet has been accused of "buying up" 30% of the token supply, and its co-founder has denied the allegations.

PANews reported on November 27th that, according to Cryptopolitan, blockchain analytics platform Bubblemaps accused Edel Finance of snapping up 30% of the token supply ($11 million) during its token offering earlier this month. Their report shows that approximately 160 linked wallets coordinated funding through Binance and MEXC, completing the purchase through a multi-layered new wallet structure before trading began. Half of the tokens were transferred to 100 secondary wallets linked to MEXC. These wallets employed a uniform obfuscation strategy, and the secondary wallet addresses were explicitly included in the contract code, proving they were deliberately hidden. Furthermore, Edel failed to disclose this operation on Telegram, Twitter, or in official documents, raising concerns about transparency.

Edel co-founder James Sherborne responded that the team plans to acquire 60% of the token supply and then lock it in a token vesting contract. However, Bubblemaps countered that their token economics only allows the team to acquire 12.7% of the tokens through a 36-month vesting plan (including a 6-month lock-up period). Bubblemaps argues that if Edel were sincere, it should allocate the tokens in advance according to token economics rather than using a hidden strategy, questioning the rationale behind their operation. It is understood that Edel Finance aims to bring traditional stocks to on-chain lending, and the team includes former employees of State Street Bank and JPMorgan Chase.