Former Brazilian football player Ronaldinho Gaúcho has unveiled STAR10, his official digital token. Based on the Binance Smart Chain, the cryptocurrency gives owners goodies including access to an artificial intelligence agent and signed memorabilia. But what should have been a smooth rollout is now clouded by accusations of insider trading.
Wallet Activity Brings Up Questions
There is proof on the blockchain that the wallet connected to the project made some questionable trades. They bought 20.79 million STAR10 tokens for 48 BNB, which is about $29,247. Then, it kept tokens worth about $4.93 million and sold 119,278 tokens for 54 BNB, which is about $33,106.
Some members of the crypto community view this as an example of insider trading, in which case people with insider knowledge profit before the wider public has a fair chance to profit. Others argue that it is not unusual for big token holders to sponsor new initiatives. However, the absence of transparency is the primary source of apprehension.
My new one and ONLY OFFICIAL token is HERE! It’s time to celebrate greatness, passion, and that legendary spirit that NEVER fades 😎Legends are not born… THEY ARE FORGED. And YOU can choose to be a part of it. Get your $STAR10 NOW. Let’s make history together!… pic.twitter.com/91KbaXVmgS
— Ronaldinho (@10Ronaldinho) March 2, 2025
Doubts About Integrity
The news has prompted online discussions, with traders and investors questioning the project’s integrity. There is concern that STAR10 may become yet another instance of celebrities taking advantage of their popularity to endorse crypto ventures that ultimately depreciate in value.
Ronaldinho has remained mum on the issue. By keeping silent, speculation about an anomaly behind his crypto venture will likely continue to make the news. Many in the crypto space believe that clear statements from project leaders are necessary to maintain trust, especially when financial transactions are involved.
Total crypto market cap at $3 trillion on the daily chart: TradingView.com
Scrutiny Of Celebrity Crypto Projects
This isn’t the first time a celebrity-backed token has faced scrutiny. High-profile figures, from Floyd Mayweather to Kim Kardashian, have been involved in crypto promotions that later led to legal troubles or investor losses.
Additionally, regulators have conducted an in-depth examination of these endorsements. Several celebrities have been penalized for failing to disclose their financial affiliations with the initiatives they advocated for. Should the launch of STAR10 result in controversy, it could serve as yet another example that escalates demands for increased industry regulation.
Suspicion
Following his accusation of being connected to a cryptocurrency project known as “18kRonaldhyde”, which allegedly entailed a $61 million pyramid scheme, Ronaldo’s name got caught in controversy in September 2023.
Ronaldinho has hinted at a possible comeback into the cryptocurrency realm in June the following year. He invited his fans to join him since he felt it was time for cryptocurrencies to “become mainstream”. Crypto sleuth ZachXBT greeted this announcement with suspicion.
The Road Ahead For STAR10
The STAR10 token is currently tradeable; but, its future might depend on questions about its validity. Although some investors are waiting for Ronaldinho or the team behind STAR10 to clarify the matter, some who made early investments could now be reevaluating their decisions.
Featured image from Team 2 Sportphoto/ullstein bild via Getty Images, chart from TradingView
