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- An ex-Google executive and YouTuber with more than 1.1 million subscribers is accused of running a multimillion-dollar pump-and-dump scheme
- On Twitter, the project was accused of being a pump-and-dump, with user DCF GOD seeing large amounts of liquidity being taken from Uniswap by the same address that created MM tokens
- By no circumstances should a million tokens be considered an investment. This is just speculative and a sociological experiment
An ex-Google executive and YouTuber with over 1.1 million followers have been accused of orchestrating a multimillion-dollar pump-and-dump operation. On Thursday, Patrick Shyu, also known on YouTube as TechLead, released the Million token (MM) via an initial DEX sale on the renowned decentralised exchange Uniswap. Million is a pre-mined cryptocurrency having a set quantity of 1 million tokens backed by one USD Coin (USDC) for each token, according to the project’s website. MM has no maximum value, according to the website, while being backed by only $1 million in stablecoins. MM experienced a massive 3,500 percent rise in just three days after launching at $1.00, reaching $36.87 on Sunday. Since then, the price has plummeted, falling by 58 percent to about $15.26 at the time of writing. The project has been accused of being a pump-and-dump on Twitter, with user DCF GOD noting huge quantities of liquidity withdrawn from Uniswap by the same address that generated MM tokens.
He effectively sells without selling by reducing liquidity and not selling. This way, he won’t have to inform the community that he sold while everyone else purchased; all he needs to do now is maintain his earlier commitment of keeping $1 million in USDC liquidity, they reasoned. This is precisely how liquidity works in Uniswap V3: liquidity ranges are generated, you simply cannot do it any other way, as Shyu commented, calling the discussion total FUD. TechLead had completely missed DCF’s point, according to popular commentator ChainlinkGod.eth 2.0, who stated, They’ve created a ‘get rich quick’ scheme so you can dump on your followers, you’ve added liquidity when the price is low and removed it when the price is high and profited the difference in $USDC.
On Tuesday, Shyu responded to the allegations in a YouTube video, claiming that he rug-pulled investors by reducing liquidity. MM, however, should not be regarded as an investment, according to the YouTuber, who describes the initiative as a social experiment: By no circumstances should a million tokens be considered an investment. This is just speculative and a sociological experiment. It’s a bit like Dogecoin in that it’s a game for us to watch what happens with this.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
