If the dev holds 16M of a coin with 25M supply, will you be suspicious?

I believe this project so much, I followed their growth for almost a year now. They have the most dedicated team ever, they almost went bankrupt few months ago but made it through community's donation. The founder is very active both on reddit and Twitter. They have tons of things lining up for 2022. I will not name the coin as I don't want to shill or FUD it.

I still believe in them but I just found out that the dev hold 16M of the supply. It's not on ETH chain tho and I don't think they plan something evil like selling all the 16M supply when it reaches certain price? I mean for them to gain the community's trust working to become a better utility coin for almost a year only to do rug pull is very unlikely, right?

It's too early for me to put a negative view but I honestly never been rugged pull before so I'm a bit worried. How you will think about this and how you will figure out to decide on your own if it's a rug pull or not? Market cap is around 25M now. So obviously it's still very early but I don't know how to process this new information and don't want to create FUD or scare away people who want to invest.