Bubblemaps has accused crypto influencers of using hidden wallets to profit from their followers, calling on launchpads to audit leading traders and ban repeat offenders as it prepares to identify another prominent figure.
Summary
- Bubblemaps alleges public trading wallets attract followers while undisclosed addresses sell tokens.
- The firm says promotional rewards and leaderboards encourage traders to exploit their audiences.
- Previous investigations examined alleged activity involving Ethan, Anglio, Solstice and Kimchi.
- Its latest post promises another investigation but does not identify the influencer involved.
Bubblemaps outlined the allegations in a Nov. 6 post on X, arguing that social trading’s promise of transparency has been undermined by traders keeping parts of their activity out of public view.
The blockchain analytics firm described a recurring combination of public wallets, hidden selling addresses, paid token recommendations, and coordinated purchases spread across multiple wallets.
“One of crypto’s largest KOLs has been secretly extracting millions from his audience,” it alleged, adding that it would identify the person soon.
Bubblemaps says public wallets conceal part of the trade
According to the firm, some influencers use visible wallets to attract people who copy their trades while selling through separate addresses. Promotional recommendations can generate rewards even when followers are buying tokens the promoter is already preparing to sell.
Its criticism extended to launchpads offering affiliate payments, callout rewards and rankings based on trading activity. Bubblemaps argued that platforms concentrate on generating volume while doing too little to identify connected wallets or concealed token holdings.
“Side wallets have become a business model,” the company wrote.
Leaderboard success, it said, can give traders an audience they can subsequently sell into. The firm criticized the defense that coordinated token purchases are normal practice, saying the concealment of supply was the issue.
Its proposed response was to audit leading traders, reveal their other wallets and ban repeat offenders. The post did not identify the subject of its promised investigation.
Ethan investigation separated trading gains from rewards
The latest allegations follow several investigations into how influencers traded around their own token recommendations.
As crypto.news previously reported, Bubblemaps examined 49 token promotions associated with Pump.fun influencer Ethan and estimated approximately $125,000 in related earnings.
The firm attributed $45,000 to trading profits and $80,000 to promotional rewards. Its account described a public-wallet purchase accompanied by purchases from three alleged side wallets, followed by a recommendation and subsequent selling.
In its published summary, Bubblemaps said the wallets typically began selling within three minutes of a callout. Some sales allegedly took place while favorable posts about the token continued.
The investigation began after an anonymous source encouraged the company to examine Ethan’s recommendations and trading patterns. Bubblemaps described its conclusions as analysis and estimates.
Anglio and Solstice cases examined timing and wallet connections
In another investigation, Bubblemaps examined 534 recommendations Anglio published during the first half of October.
It identified five wallets it linked to the influencer and alleged that they bought before 61% of his recommendations, approximately 20 seconds ahead on average, before selling minutes later.
Estimated earnings totaled $130,000, with roughly 40% attributed to trading and 60% to callout rewards. Bubblemaps said Anglio had acknowledged using the methods it described.
Its Solstice investigation focused on token ownership and the difference between publicly visible results and activity in allegedly connected wallets.
Solstice had reached third place on FOMO’s leaderboard, with a STONK position showing $5 million in gains, according to the firm. He subsequently promoted tokens including STONKINU, BOP, QUEEF and HEV.
Bubblemaps alleged that dozens of newly created wallets bought at similar times, each holding between 0.5% and 1% of a token’s supply. It reported connections between public wallets and token deployers, with thousands of intermediary addresses used along the transaction paths.
The public wallet showed a $70,000 loss on the examined tokens, while allegedly connected wallets showed $270,000 in gains. Bubblemaps noted that the bundled holdings were not immediately sold in every case.
Kimchi scrutiny challenged claims used to promote traders
Kimchi appeared in the firm’s recent investigations after claims circulated that he had earned $40 million trading TRUMP.
Bubblemaps said it traced a public giveaway wallet to other addresses and estimated TRUMP profits of approximately $6 million. It criticized the use of the larger, unconfirmed figure to market the trader.
Separately, a KIMCHI token promotion drew scrutiny after an AI-generated image on his account included a QR code directing users to a newly created Pump.fun token.
The token reportedly reached a market capitalization near $14 million before falling more than 95%. Pump.fun co-founder Alon’s repost had drawn attention to the promotion before it was deleted.
