From the Pitch to the Blockchain: A Controversial Token Experiment
On March 3, 2025, Brazilian football legend Ronaldinho launched the STAR10 token on the BNB Chain, claiming it would “connect global fans with football culture.” However, just hours after launch, on-chain data revealed signs of suspected insider trading: an internal address purchased 20.79 million tokens for $29,000, later partially cashing out, while the remaining locked holdings soared to $4.93 million in value. This controversy not only sent shockwaves through the crypto community but also pushed the trust crisis surrounding celebrity tokens into the spotlight.
Ronaldinho is no stranger to the crypto world. In 2023, a Bitcoin investment project linked to him was accused of defrauding investors out of $61 million. Though he denied any involvement, public trust was severely damaged. The STAR10 token controversy, combined with his past legal troubles (such as the fake passport case and environmental fines), has further amplified skepticism towards celebrity-backed tokens. Currently, STAR10’s trading volume remains highly volatile, reflecting investors’ sensitivity to risk.
Key Controversies: Insider Trading, Legal Risks, and Market Trust
The core issues of this event revolve around three major concerns:
- Opaque Profit Distribution: Insiders acquired tokens at $0.0014 per unit, while the public sale price was $0.24—a price disparity of over 170x. Additionally, the whitepaper failed to disclose team allocation rules.
- Regulatory Uncertainty: If regulators classify STAR10 as a security (as seen in the XRP lawsuit), the project may face forced delisting.
- Tainted History: The Brazilian Congress is still investigating Ronaldinho’s 2023 fraud case, and this new project may trigger an escalation in legal scrutiny.
The market reaction has been swift and divided. Some exchanges have suspended STAR10 trading pairs, while speculators continue monitoring price fluctuations. Data shows that over 60% of community members consider the token a “high-risk speculative asset,” while only 12% believe in its long-term value.
Industry Lessons from Celebrity Tokens and Investor Warnings
The STAR10 incident highlights the deep-seated risks of celebrity-endorsed cryptocurrencies. Firstly, a celebrity’s past scandals can directly destroy a token’s value—Ronaldinho’s fake passport case has already impacted public perception of his business credibility. Secondly, regulators may tighten oversight, requiring disclosures on fund flows and affiliated interests, similar to the transparency rules emphasized by JuCoin.
For investors, key warning signs include:
- On-chain data anomalies: Are internal addresses continuing to dump tokens?
- Legal developments: Will the Brazilian Congress initiate new investigations?
- Exchange actions: Will major trading platforms delist the token?
Despite the market turmoil caused by STAR10, celebrity tokens have not entirely lost their appeal. In 2024, Messi’s “MessiCoin” achieved phased success due to its transparent distribution model and real-world use cases, such as redeeming football match tickets. This suggests that the sustainability of celebrity tokens depends on clear rules and practical utility rather than mere hype.
Regardless of the outcome, this incident serves as a wake-up call for the crypto market: a celebrity name is not a guarantee of value—rational evaluation of rules and risks remains the core of investment decisions.
Neason Oliver
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