- Ronaldinho’s new STAR10 token faced significant price volatility after launch, dropping 25% from its peak price.
- Security concerns emerged when analysts discovered the token contract allowed owners to burn holders’ tokens, prompting a warning from Binance founder CZ.
- The football legend quickly responded by renouncing ownership and extending the token lock period to 255 years after security risks were identified.
Brazilian football icon Ronaldinho Gaúcho’s official cryptocurrency token STAR10 stumbled during its Sunday launch on BNB Chain, with the price falling over 25% amid security concerns and accusations of preferential access for early traders. The token, which opened at $0.387, declined to $0.289 according to CoinGecko data, mirroring volatility patterns seen in other celebrity-backed crypto assets.
The STAR10 token launched with promises to deliver "exclusive experiences, real benefits, signed collectibles, and an AI Agent" to the footballer’s global fanbase, as announced by Ronaldinho himself. However, analysis of the token structure revealed an unusually high 20% allocation to the footballer, significantly exceeding the 5-10% founder allocation typical in most cryptocurrency projects.
Market observers quickly identified irregularities in the token’s launch. Onchainlens, a blockchain analytics firm, reported that one wallet accumulated nearly $5 million in profits after investing just $29,247. Meanwhile, crypto copy-trading platform lmk.fun highlighted that the launch appeared "filled with ‘early snipers’" – traders who gained advantageous early access to the token sale.
More concerning was a security alert issued by GoPlus Security, a Web3 security platform. The firm identified a critical vulnerability in the token’s design: the contract owner retained the ability to burn any holder’s tokens without consent, as ownership had not been renounced. This revelation prompted Changpeng Zhao ("CZ"), Binance’s founder, to warn traders with a simple but direct message: "Please beware!"
Ronaldinho quickly responded to the security concerns, stating: "Ownership was not renounced? Now it is! Tokens cannot be destroyed without warning." The footballer also extended the token’s lock period from 30 days to 255 years. GoPlus Security confirmed these security improvements had been implemented.
This isn’t Ronaldinho’s first foray into cryptocurrency. The football legend previously launched the RON token through the P00LS platform in 2022, though it failed to gain significant traction. That same year, he promoted World Cup Inu, a meme coin tied to the 2022 FIFA World Cup in Qatar, which experienced the familiar pattern of an initial surge followed by a dramatic price collapse.
Ronaldinho’s crypto ventures have also included some controversy. In 2023, he appeared in court to deny involvement in the "18kRonaldinho" cryptocurrency scheme that promised unrealistic 2% daily returns. The scheme ultimately collapsed, resulting in a $61 million lawsuit, with Ronaldinho claiming his likeness was used without permission.
The STAR10 token launch trajectory mirrors other celebrity-backed tokens that experienced initial volatility, including the Argentine President Javier Milei-endorsed LIBRA token, highlighting the ongoing risks in celebrity-linked cryptocurrency investments.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Popular Streamer Amouranth Targeted in Home Invasion by Bitcoin Robbers
- CoinDesk 20 Index Surges 14.5% as Cardano Leads with 58.8% Gain
- Trump’s Strategic Crypto Reserve Announcement Sparks Market Rally Amid Analyst Skepticism
- Trump Announces US Crypto Reserve, Selecting XRP, Cardano, Solana Among Initial Assets
- Trump’s Crypto Czar David Sacks Confirms Selling Entire Crypto Portfolio Before Taking Office
