UFC’s Growing Connection with Cryptocurrency: A Complex Relationship
Under the dynamic leadership of CEO Dana White, the Ultimate Fighting Championship (UFC) has firmly established itself as a dominant force within the realm of martial arts, potentially the largest organization of its kind globally.
The Intersection of UFC and Cryptocurrency
Much like its CEO, numerous esteemed UFC athletes have ventured into the burgeoning cryptocurrency sphere. At one time, the UFC even offered fighters bonuses in cryptocurrency, highlighting the organization’s commitment to innovation.
Controversies in the Crypto World
However, the marriage between UFC and cryptocurrency hasn’t always been harmonious. Earlier this year, Khamzat Chimaev became embroiled in a scandal involving his cryptocurrency venture, Smash (SMASH). Online investigator ZachXBT uncovered the project as a classic pump-and-dump scheme, with approximately 80% of its supply linked to Chimaev’s wallets. Chimaev has since deflected blame onto his manager.
Khabib Nurmagomedov and the Convict McGregor Token
Adding another layer to the UFC-crypto narrative, former UFC champion Khabib Nurmagomedov has recently thrown his support behind a new cryptocurrency token dubbed Convict McGregor (CONVICT). This move comes amidst a legal controversy involving his long-time rival, Conor McGregor, who faces a civil case for sexual assault, which he plans to appeal. On November 27, Khabib endorsed the project on social media, possibly driven more by their rivalry than the token’s legitimacy.
“Good job guys, you have my full support, this guy deserve [sic] punishment.”
The token claims to allocate funds to cover the legal expenses of McGregor’s alleged victims. Yet, given recent fraudulent activities in the crypto world, skepticism looms over the project’s authenticity.
Is Convict McGregor Another Crypto Scam?
The CONVICT token has seen notable market activity. Despite its modest market capitalization, ranging from $362,000 to $368,000 according to CoinMarketCap, its 24-hour trading volume recently hit $1.61 million.
As of the latest reports, CONVICT was trading on Solana’s decentralized exchange Raydium, an automated market maker platform, at $0.0003605. This marks a significant decline from the previous day’s peak of $0.0014463, a decrease of nearly 75%, suggesting a potential end to a pump-and-dump scheme.
Current trading activity reveals a balance between buying and selling, with most transactions remaining small, rarely surpassing $100.
Warning Signs on the Website
A visit to the token’s website unveils a suspicious disclaimer at the bottom of the homepage, stating:
“Convict McGregor” is a satirical memecoin inspired by public reports of Conor McGregor being found liable for sexual assault in a civil case. This is not a criminal conviction. The coin and its content are purely for entertainment and meme culture. Always verify facts and invest responsibly!
It’s worth noting that Nurmagomedov has previously been linked to an NFT project that many labeled as a scam. While his promotion might be well-meant, investors are advised to approach such opaque projects with caution, steering clear to avoid potential pitfalls.
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