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UFC star Conor McGregor’s crypto disaster forced to refund investors

Mathew Riddle

Mark J. Rebilas-Imagn Images

Conor McGregor has broken the trend of viral figures using cryptocurrency to get rich quick.

Already the richest MMA star, 'The Notorious' might not have needed more money, but it didn't stop him from unveiling his 'REAL' token earlier this month. The coin was put on a 28 -hour presale, with a minimum target of $3.6 million.

On April 6, developers of the token broke the news that they hadn't hit their presale targets, and any investors would be getting refunds. The token isn't being traded publicly yet.

"This is not the end," they remarked.

The 28-hour presale generated $392,315, just over ten percent of the target and half their minimum goal of just over $1 million. The presale comprised 60 million tokens, whereas the total supply contained two billion.

Conor McGregor's crypto scheme raises red flags

As per Etherscan, 97 percent of the total supply of tokens is held by one wallet address, which is presumably controlled by the team behind the token. This raises concerns about decentralization and market manipulation and whether the scheme is a type of 'rug pull.'

Rug-pulling is a crypto-centric scam where private investors hold a majority of the token and sell their share when the price of the token has been inflated for huge profits. This happened with viral sensation Hailey Welch (Hawk Tuah girl) and her 'Hawk' coin, which lost 95 percent of its value within hours of launching due to private investors selling their bulk share at peak price.

If and when McGregor's 'REAL' token gets relaunched, it's best approached with upmost caution.

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Mathew Riddle
MATHEW RIDDLE

Mathew is a UK-based combat sports journalist, graphic designer, and SEO expert with half a decade of digital marketing and a dedicated four-year track record in MMA journalism. He joined MMA Knockout when it was founded in 2023. Mathew's insights have been featured on Bloody Elbow, The Fight Fanatic, and Heavy on UFC. He runs Warrior Tribune and can be contacted by his Muckrack profile.

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