Bubblemaps alleges influencers sell tokens through hidden wallets

Bubblemaps described a pattern involving visible wallets, undisclosed selling addresses, paid token recommendations and purchases coordinated across multiple wallets. It also faulted launchpads for affiliate payments, callout rewards and trading leaderboards that, in its view, prioritize volume over identifying linked wallets or hidden holdings. “Side wallets have become a business model,” the firm wrote.

The company said leaderboard success can give traders an audience to sell into. It rejected the argument that coordinated token buying is routine, saying the concern is concealment of supply. Bubblemaps called on launchpads to audit leading traders, disclose their other wallets and ban repeat offenders. Its post did not name the subject of the forthcoming investigation.

The allegations follow Bubblemaps’ earlier examinations of influencers’ trading around token recommendations. In its analysis of 49 promotions associated with Pump.fun influencer Ethan, the firm estimated about $125,000 in earnings: $45,000 from trading and $80,000 from promotional rewards. It said purchases from three alleged side wallets accompanied a public-wallet purchase, and that the wallets typically began selling within three minutes of a recommendation. Bubblemaps described its findings as analysis and estimates.

For Anglio, the firm reviewed 534 recommendations from the first half of October and linked five wallets to him. It alleged those wallets bought before 61% of his recommendations, about 20 seconds early on average, then sold minutes later. Estimated earnings were $130,000, with roughly 40% attributed to trading and 60% to callout rewards; Bubblemaps said Anglio acknowledged using the methods it described.

In its Solstice case, Bubblemaps contrasted a public-wallet loss of $70,000 on examined tokens with $270,000 in gains in allegedly connected wallets. The firm also scrutinized Kimchi’s claim of $40 million in TRUMP trading profits, estimating about $6 million instead after tracing a public giveaway wallet to other addresses.