Edel Finance has come under scrutiny after blockchain analytics firm Bubblemaps reported that more than 30% of EDEL tokens sold on November 12 were purchased by 60 wallets linked to the project. The transactions were valued at roughly $11 million, raising concerns about token sale transparency and the extent of project-linked participation.
On-chain activity raises transparency questions
According to the report, the tokens were later routed through multiple wallets and moved across Uniswap liquidity pools. This kind of transfer pattern is often associated with attempts to blur the origin and path of funds, which has intensified market attention on how the EDEL sale was structured and disclosed.
The central issue is whether wallets associated with the project took a substantial share of the public sale and, if so, whether that allocation was clearly communicated to participants beforehand.
Co-founder acknowledges transactions
Edel Finance co-founder James Sherborne acknowledged that the transactions took place. He said they were tied to a pre-planned arrangement involving a 60% token allocation to a vesting contract. However, the report noted that no public documentation currently supports that explanation.
Sherborne also did not explain why the project used a purchase-based route rather than transferring the tokens directly to the vesting contract. That missing detail has become one of the main points of criticism surrounding the sale.
No further comment from the project
As of the time of publication, Edel Finance had not provided additional comment in response to follow-up questions. Because the matter touches on token sale fairness, allocation disclosure, and on-chain transparency, any future release of wallet attribution details, tokenomics documents, or contract records could be critical in assessing the controversy.
For now, the known facts are limited to the on-chain analysis and the co-founder’s brief response, leaving the broader market waiting for clearer evidence and fuller disclosure from the project team.