Mixed martial arts legend Khabib Nurmagomedov has thrown his support behind a ‘satirical’ meme coin that is raising funds to help the victims of Conor McGregor, a fellow Ultimate Fighting Championship (UFC) fighter found guilty of sexual assault.
What Happened: In an X post on Thursday, Nurmagomedov praised the so-called CONVICT project for taking up the initiative.
“Good job guys , you have my full support, this guy deserves punishment,” the UFC Hall of Famer said.
CONVICT describes itself as a “satirical meme coin” influenced by McGregor’s recent conviction in the sexual assault civil case. It has called for donations to its cryptocurrency address to cover the legal fees of McGregor’s victims.
The coin, which trades on Solana SOL/USD-based decentralized exchange (DEX) Raydium, saw its market valuation jump to $336,370, per CoinMarketCap.
Note that the coin has very low liquidity, about $82,900, as of this writing, making it vulnerable to wild price swings. Additionally, its absence from mainstream cryptocurrency exchanges raises another red flag.
A civil court jury found last week that McGregor assaulted a woman in a Dublin hotel in December 2018, ordering him to pay her nearly €250,000, roughly $263,600, in damages, per a CNN report.
The Irish MMA fighter’s reputation has since taken a big hit, with his wax figure getting removed from the National Wax Museum Plus in Dublin, the BBC reported.
Why It Matters: Interestingly, this isn’t the first time Nurmagomedov has been linked to controversial cryptocurrency ventures.
Last year the MMA legend faced accusations from “Crypto Detective” Coffeezilla for promoting a potential cryptocurrency scam involving his new non-fungible token (NFT) project.
Nurmagomedov launched an exclusive NFT collection in partnership with GoMining, a cryptocurrency mining platform, promising fans access to his "private club" and the ability to mine Bitcoin BTC/USD.
Photo Courtesy: Camerasandcoffee On Shutterstock.com
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
