Edit: Luke Belmar — CryptoScamsWiki

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## Trading Allegations

Some commentators alleged that individuals associated with the promoted token, including Belmar and individuals identified by critics as his associates, financially benefited from trading activity and transaction fees generated by increased public interest.
@Supermanonchain on X (creator of $ANSEM AND $TJR) launched a token for Luke Belmar and had sent him then 70% of the supply

As the token's market performance declined, Belmar reportedly stated that the cryptocurrency he had been referring to was PENGU and announced plans for a $40,000 airdrop. Critics further alleged that the funds for the airdrop originated from transaction fees associated with trading activity surrounding the previously promoted token. These claims remain disputed.

## Prior Legal Dispute

The controversy followed an earlier legal dispute involving former business associate Steve Tan, who filed a civil lawsuit against Belmar and his wife alleging fraud, unpaid rent, and other contractual disputes. The lawsuit also included allegations challenging the authenticity of Belmar's promotional giveaways and public representations regarding his wealth. These allegations remain claims made in civil litigation unless and until they are established by a court or otherwise substantiated.

## Commentary and Reaction

The incident contributed to broader discussions within the cryptocurrency community regarding the role of key opinion leaders (KOLs) in promoting memecoins. Critics argued that influencers could potentially benefit from increased trading activity and market speculation without explicitly endorsing a specific token, thereby limiting their direct responsibility if the promoted asset later declined in value.

Supporters of stricter disclosure standards cited the controversy as an example of the risks associated with influencer-driven cryptocurrency promotions, while others argued that investors remain responsible for conducting their own due diligence before participating in speculative digital asset markets.

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