The Shocking Revelation by Bubblemaps
On September 17, 2025, blockchain analytics platform Bubblemaps sounded the alarm. In a viral tweet, they revealed troubling activity surrounding the STBL token, recently launched by Reeve Collins, who had co-founded Tether in 2014. The analysis showed that the five main trading wallets were all interconnected and had already made over $10 million in profits.
Using its transaction visualization technology, Bubblemaps highlighted a cluster of suspiciously funded wallets that purchased the token in bulk at low prices before selling as the general public invested, attracted by Collins’ name. What initially began as a warning signal transformed into damning evidence a month later.
The Final Blow: $17 Million in Profits
On October 19, Bubblemaps published a devastating update: the same five addresses had sold all of their $STBL tokens, pocketing a total of $17 million. The chart accompanying the tweet shows a series of massive sales (red dots symbolizing sales) coinciding with the token’s price collapse. The pattern unmistakably resembles an orchestrated pump and dump scheme.
The Betrayed Promise of a “Stablecoin 2.0”
The irony is bitter. The STBL project was presented as a revolution, a “stablecoin 2.0” backed by real-world assets (RWA) with community governance. Reeve Collins promised a fairer model that would share yields with users, unlike first-generation stablecoins. However, on-chain data suggests that the first to be “rewarded” were a small group of insiders, at the expense of retail investors.
This affair casts a shadow not only on the STBL project but also on the reputation of its founder. It reminds investors of the harsh reality of the “crypto Wild West”: due diligence is non-negotiable. Tools like Bubblemaps become essential for navigating a market where marketing promises can hide perfectly orchestrated insider maneuvers. For $STBL investors, the lesson came at a high cost.
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