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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).
COMMENT: In its investigation, the SCA is looking into whether $WAP was involved in a classic pump-and-dump scheme. Social media influencers and insiders were reportedly paid to boost the token's value artificially. https://t.co/efGhwTEk8A
UPDATE: UAE LAUNCHES PROBE INTO $WAP TOKEN'S POTENTIAL SECURITIES VIOLATIONS, WITH PROMOTIONS BY CARDI B IN FOCUS
CARDI B’S WAP TOKEN FACES INVESTIGATION IN THE UNITED ARAB EMIRATES The UAE Securities and Commodities Authority has initiated an investigation into WAP, a Solana-based token promoted by Cardi B. Accusations include market manipulation and fraud, with key influencers allegedly… https://t.co/5drhxvrnWg
