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UFC star Khamzat Chimaev caught in crypto scandal for alleged ‘pump and dump’ scheme – FirstSportz

Khamzat Chimayevthe undefeated UFC powerhouse, is going to have a tough time outside the octagon. The fighter known for “crushing” opponents may have also busted some wallets. Chimaev recently promoted a cryptocurrency called “SMASH,” named after his famous catchphrase. It seemed like an opportunity for fans to invest in their hero’s crypto brand.

However, the coin’s value fell faster than a fighter taken down by Khamzat Chimaev. Within 24 hours, ‘SMASH’ lost 96% of its value, leaving investors reeling. Crypto experts call it a classic ‘pump and dump’ scheme. A pump and dump scheme is a fraudulent investment strategy. It involves artificially inflating the price of an asset in order to sell it at a high price and then letting its value plummet.

Chimaev’s social media was abuzz with ‘SMASH’ promotions one day, then disappeared the next. Chimaev himself added several videos promoting the cryptocurrency. These videos no longer exist, as Chimaev deleted them. Some tracked the crypto wallets used in this fraudulent activity and allegedly traced them back to Chimaev himself. A million dollars was stolen in this scheme.

The controversy comes at a time when Khamzat Chimaev was already sidelined due to illness. The crypto world is notoriously volatile, but fans expected their heroes to play fair, even in financial matters. Chimaev or his team have yet to comment on the allegations. This isn’t the first time a celebrity has faced backlash for cryptocurrency promotions. However, it’s a new low for the UFC community.

Khabib Nurmagomedov’s Foray into Crypto World

Khabib Nurmagomedovthe undefeated UFC legend, faced a new kind of opponent: skepticism. The Eagle’s venture into the crypto space raised more than a few eyebrows. Nurmagomedov had announced an NFT collection in partnership with GoMining, promising fans access to his “private club” and Bitcoin mining rewards.

Khabib Nurmagomedov Challenged by CoffeezillaKhabib Nurmagomedov Challenged by Coffeezilla
Khabib Nurmagomedov approached by Coffeezilla (via National Today)

Not everyone was enthusiastic about Nurmagomedov’s crypto pitch. Coffeezillathe self-proclaimed “Internet Detective” known for exposing online scams. Coffeezilla didn’t mince its words, accusing Nurmagomedov of “scamming” his followers. The NFTs claimed to offer 29 terahashes per second of mining power. It also claimed that each NFT would serve as a ticket to private events that Nurmagomedov would host multiple times a year.

Nurmagomedov’s foray into NFTs follows a trend among athletes and celebrities. The recent alleged scam of Khamzat Chimaev is a recent example. Khabib did not respond to Coffeezilla’s allegations. The saga underscores the broader issues of celebrity endorsements in crypto. It’s a reminder that even heroes can find themselves in controversial situations that ultimately hurt fans.

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