Swedish fighter of Chechen origin Khamzat Chimaev advertised the SMASH memecoin, but shortly after that the token’s rate collapsed by 96%. The fighter’s manager claims that Chimaev was not involved in the creation of the token.

Recently, an advertisement for the meme token SMASH based on the Solana blockchain appeared on Chimaev’s social networks.

“I have one cryptocurrency. It’s called SMASH. Let’s smear it together, guys. Let’s go,” Khamzat said in a video message.

However, after the influx of investments, the creators of the token sold their SMASH reserves, which caused its rate to collapse by 96%. According to crypto detective ZachXBT, about 70% of the tokens were controlled by insiders and creators of the memecoin. As a result, they earned about $1 million. Chimaev himself deleted his posts on social networks.

Fighter manager Mahdi Shammas stated that Chimaev was not involved in the creation of the fraudulent token:

“I was approached by people who introduced themselves as fans of my client, Khamzat Chimaev. They asked me to record a short video advertising their product. I agreed. Now I understand that I may have been misled. Khamzat was not involved in this situation and does not know more about it than you. The news is really not very good, and now I am seeking an explanation from those responsible. I want to apologize to everyone affected. If I could go back in time and do things differently, I would. Thank you for your understanding. I will keep you updated on developments.”

Earlier, ZachXBT accused famous boxer Floyd Mayweather of promoting fraudulent cryptocurrency projects.