GoPlus Security has issued a warning about the potential risks associated with investing in Ronaldinho’s STAR10 coin. The security firm has raised concerns about the token owner’s ability to burn holders’ tokens at any time, as ownership has not been relinquished. This vulnerability puts all token holders at risk of losing their investment without prior notice.
In response to these concerns, GoPlus Security has urged the Ronaldinho Coin team to renounce ownership immediately to safeguard investors. Additionally, traders are advised to exercise caution when dealing with STAR10 due to the potential risks involved.
On a separate note, Binance co-founder Changpeng ‘CZ’ Zhao has clarified that Binance has no commercial ties to Ronaldinho or his token. Despite CZ’s admiration for Ronaldinho, he emphasized that STAR10 was exclusively launched on the BNB Chain. CZ also highlighted the unpredictability of meme coins and noted a significant decline in trading activity recently.
CZ further emphasized that his comments on STAR10 are not an endorsement of the token but rather a security reminder for users. He also cautioned against fake versions of STAR10 on other blockchains, urging users to be vigilant.
Ronaldinho recently promoted STAR10 on social media, celebrating the token’s ranking on DEX Screener and encouraging users to invest. However, concerns about centralization persist as the token’s owner retains full control. While STAR10 has gained popularity, the potential for balance manipulation and token burning raises red flags for investors.
With Binance distancing itself from STAR10 and security experts highlighting risks, the token faces increased scrutiny. Investors are advised to proceed with caution as the token’s ownership remains centralized.
In response to Ronaldinho’s promotion of STAR10, a commenter shared a visual highlighting past failures of celebrity-backed crypto projects. The image lists NFTs and tokens endorsed by celebrities like Shaquille O’Neal, Floyd Mayweather, and Kim Kardashian, many of which ended in collapse, abandonment, or scam allegations.
This reference to past failures serves as a cautionary reminder to potential investors about the risks associated with celebrity-backed tokens like STAR10. As investors weigh their options, it is crucial to consider the history of similar projects and exercise due diligence before making any investment decisions.
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