Edel Finance's token issuance is questioned, suspected of internal purchase of over 30% of the tokens

According to DLnews, blockchain data analysis company Bubblemaps discovered that during the EDEL token issuance of the non-custodial lending protocol Edel Finance, built on EVM, 60 wallets associated with the project allegedly rushed to purchase over 30% of the tokens on November 12, valued at approximately $11 million.

Co-founder James Sherborne did not deny this matter, claiming it was a planned operation to allocate 60% of the tokens into a custody contract, but there are no public records showing that this plan was announced in advance, and the official website's tokenomics page also does not mention this arrangement.

During the transaction, 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 it was necessary to rush the purchase instead of directly transferring to the contract. Edel Finance also did not respond to requests for comment.