Cardi B Accused of Fraud After Promoting Controversial $WAP Memecoin

Famous American rapper Cardi B is facing a wave of criticism from the online community and crypto investigators after promoting the memecoin $WAP on her official X (formerly Twitter) account.

On Tuesday, Cardi B shared a post on X promoting $WAP – a cat-themed memecoin inspired by her hit song of the same name. Alongside the post, she also included a crypto wallet address with the suggestive caption: “even wetter than last time (sic).”

However, several blockchain analysts, including renowned crypto sleuth ZachXBT, quickly pointed out that the wallet address had previously been linked to suspicious activities. ZachXBT went further to question whether Cardi B’s decision to promote the controversial token stemmed from financial difficulties following her separation from Offset, her estranged husband. Recently, Cardi B hosted a Twitter Space in which she publicly criticized Offset for failing to provide child support for their three children, while also revealing that he had allegedly demanded spousal support from her after their divorce.

Notably, this is not Cardi B’s first brush with controversy involving $WAP. Back in October last year, she had also promoted the same token and posted the same wallet address. Just hours later, blockchain security firm PeckShield issued a warning urging users to avoid interacting with the wallet, citing its potential ties to a scam.

The situation escalated further when the Securities and Commodities Authority of the United Arab Emirates (UAE) launched an investigation into alleged securities violations related to $WAP. The probe followed a formal complaint from a prominent Dubai-based venture capital firm and local Emirati investors, who accused the project of market manipulation and fraudulent promotion.

Recently, a growing number of celebrities have come under fire for using their platforms to promote worthless memecoins, sparking concerns about market manipulation, insider trading, and fraudulent activities within the crypto space.