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UAE Investigates Cardi B's Solana-Based $WAP Token for Pump-and-Dump Scheme

Oct 15, 2024, 04:25 AM

The UAE Securities and Commodities Authority (SCA) has initiated an investigation into the Solana-based token $WAP, promoted by celebrity Cardi B. The investigation follows a complaint by Syed Sameer and involves accusations of securities violations, including market manipulation, fraud, and undisclosed deals. The SCA's probe is examining whether $WAP was involved in a pump-and-dump scheme, with social media influencers and key opinion leaders (KOLs) allegedly paid to artificially boost the token's value. The SCA's complaint has been cited by the U.S. Securities and Exchange Commission (SEC).