Khamzat Chimaev was accused of insider trading in cryptocurrency

Chimaev promoted the token SMASH, named after his catchphrase "Smash 'em all," on the social network X, which is banned in Russia. Thanks to the PR, the token's price soared hundreds of times, but as a result of a massive dump, the coin was almost completely devalued, falling in price by more than 96%.

After the SMASH price crash, Chimaev deleted records of the digital asset, but blockchain sleuth ZachXBT has established a connection between the cryptocurrency's developers and the people caught insider trading the token. According to his data, their crypto wallets held more than 78% of the issued Khamzat Chimaev Price coins and were funded from the same cryptocurrency storage address on the Ethereum (ETH) network.

The facts cited by ZachXBT prove the involvement of the authors of the SMASH cryptocurrency project in pulling off the "dump and dump" fraud scheme. Hamzat promoted this digital asset, so he was also accused of insider trading for profit, deceiving gullible fans who would buy coins and thus increase their value.