Edel Finance token issuance questioned, suspected internal purchase of over 30% of tokens

According to ChainCatcher, as reported by DLnews, blockchain data analytics firm Bubblemaps has discovered that during the EDEL token issuance by the EVM-based non-custodial lending protocol Edel Finance on November 12, 60 wallets suspected to be related to the project team purchased over 30% of the tokens, worth approximately $11 million.

Co-founder James Sherborne did not deny the incident, claiming that this was a planned operation to place 60% of the tokens into a vesting contract. However, there is no public record showing that this plan was announced in advance, and the tokenomics page on the official website also does not mention this arrangement.

During the transactions, the tokens were transferred to dozens of wallets and moved in and out of the Uniswap liquidity pool, a method often used to obscure transaction tracking. Sherborne did not explain why the tokens were acquired in this manner instead of being directly transferred to the contract. Edel Finance has also not responded to requests for comment.