Concerns over security prompted the STAR10 developers to give up control following criticism regarding the risks associated with token burns. Allegations of insider trading and insufficient transparency intensified doubts surrounding meme coins endorsed by celebrities. Brazilian football icon Ronaldinho Gaúcho has ventured into the cryptocurrency market with the introduction of STAR10, a meme coin that operates on the BNB Chain. The token is designed to provide fans with special challenges, rewards, and events that honor the football star’s legacy. Nevertheless, a report by Crypto News Flash highlighted that 97% of meme coins do not succeed, with celebrity-associated tokens like those related to Donald Trump and Andrew Tate experiencing major declines. Additionally, GoPlus Security discovered a critical security vulnerability in STAR10’s smart contract, indicating that the contract owner has the ability to destroy any token held by holders at their discretion. Initially, the ownership had not been relinquished, which meant that all tokens could potentially be destroyed unexpectedly. However, since ownership has now been renounced, there is no longer any risk at the smart contract level. — GoPlus Security (@GoPlusSecurity) March 3, 2025. Issues related to security and the developers’ reactions. Shortly after the launch of STAR8.023, GoPlus Security, a security firm, identified a significant vulnerability in its smart contract, pointing out the risk of centralized control over the assets of token holders. In reaction to the backlash from the public, the development team decided to renounce ownership of the smart contract, which meant they gave up administrative control and addressed the highlighted risks. Additional worries emerged when blockchain data showed that an address associated with the STAR10 team had acquired 122 million tokens just prior to the public announcement. This deal, valued at 80 BNB (around $50,000), allegedly generated a profit of $270,000, which has led to concerns about insider trading and manipulation of the market. Reactions from the community and its effects on the price of Binance Coin (BNB) are notable. Recent updates indicate that Changpeng Zhao (CZ), the co-founder of Binance, has made a public statement asserting that there are no commercial relationships between Binance, Ronaldinho, and STAR10. He also noted that although the token was launched solely on the BNB Chain, investors should be cautious due to the significant volatility and decreasing trading volumes linked to meme coins. CZ highlighted that such projects typically face swift price fluctuations and liquidity issues. As per Coin Market Cap statistics, Binance Coin (BNB) is currently priced at $559.64, marking an 8.29% drop in the last 24 hours and an 8.02% decrease over the week.
Meme Coin Inspired by Ronaldinho Causes Controversy—Creators Hand Over Control
