The token STAR10, launched by Brazilian football legend Ronaldinho Gaúcho, quickly attracted market attention but soon faced skepticism from the community, with a cybersecurity company revealing risks associated with the token’s contract.
**Ronaldinho’s STAR10 Token**
On Monday, Ronaldinho announced the release of his exclusive official token STAR10 through his social media account, describing it not merely as a token but as a “legend being created.” Holders would have the chance to participate in exclusive experiences (such as private events), acquire rare collectibles (like signed jerseys), and enjoy other rewards.
According to information on the official website, STAR10 is issued on the BNB Chain with a total supply of 1 billion tokens. Of this, 20% is owned by Ronaldinho, 15% by the team, 20% for public distribution, 25% for liquidity, 15% for marketing and operations, and 5% allocated to centralized exchanges (CEX).
The price of the STAR10 token surged shortly after its launch, rising from less than $0.01 to $0.30, with its market capitalization reaching $300 million at one point. However, the enthusiasm for STAR10 quickly dissipated as the community raised concerns about its security and potential market manipulation, leading to significant price volatility. As of the time of writing, its trading price was approximately $0.288.
**Concerns Over Potential Manipulation**
According to on-chain data tracking platform Onchain Lens, a suspected insider wallet associated with Ronaldinho purchased 20.79 million STAR10 tokens shortly after the token’s launch for 48 BNB (about $29,247) and subsequently sold them off as the token price skyrocketed, with unrealized profits peaking at $4.94 million.
The trading platform lmk.fun noted that the $STAR10 team initially controlled 80% of the token supply, and the token launch was rife with “early snipers” (who rushed to buy large quantities of tokens at the time of issuance). “These addresses purchased at least 18% of the tokens within the first minute and are currently dumping them.”
These revelations have raised concerns about potential manipulation by the STAR10 team, with many investors fearing this could be another pump-and-dump scheme. One X user commented: “Here we go again, if you remember MELANIA, CAR, LIBRA, you should understand what I’m saying.”
On the other hand, the cybersecurity firm GoPlus warned of serious security risks associated with STAR10, stating that the token contract’s owner could arbitrarily destroy any holder’s tokens. Shortly thereafter, GoPlus announced that ownership of the contract had been relinquished, and there were no longer any risks at the smart contract level. The STAR10 team also responded to the security controversy via Ronaldinho’s X account, stating that contract ownership had been abandoned and that tokens would not be destroyed without warning.
