The YouTuber denied accusations he has rug-pulled on his followers while asserting that Million token is a “social project” that “could presumably restful no longer be belief about an investment.”
An ex-Google tech lead and YouTuber with extra than 1.1 million subscribers has been accused of engineering a multi-million-dollar “pump-and-dump” draw.
Patrick Shyu, known pseudonymously as TechLead on YouTube, launched the Million token (MM) via an initial DEX offering on leading decentralized alternate Uniswap on Thursday.
The project’s web pages describes Million as a pre-mined cryptocurrency with a difficult and snappy provide of 1 million tokens which could presumably be backed by one USD Coin (USDC) each per token. The web pages emphasizes that no matter finest being backed by $1 million worth of stablecoins, MM has “no maximum worth.”
After being priced at $1.00 on initiating, MM seen a gargantuan 3,500% elevate within like minded three days to hit $36.87 on Sunday. The worth has since crashed, declining by 58% to sit down down round $15.26 at the time of writing.
The rapid rupture that adopted Million’s note excessive has resulted in accusations the project is a pump-and-dump on Twitter, with user DCF GOD highlighting the massive sums of liquidity that had been pulled from Uniswap by the identical tackle that minted MM tokens.
“By removing liquidity and never promoting, he’s successfully promoting with out ‘promoting.’ This arrangement he doesn’t gather to uncover the neighborhood that he sold while they all offered, he like minded has to withhold his initial promise of conserving 1m of usdc liquidity,” they argued.
Okay last tweet since I in truth gather other folks telling me I abolish no longer know the arrangement uniswap works
You shall be in a residing to ignore all of the liquidity stuff and like minded compare balances
Techlead originate steadiness:
– 1M $USDC
– 1M $MM
Techlead recent steadiness:
– 3M $USDC
– about 113ample $MM
He has sold MM and won $2M
— DCF GOD (@dcfgod) July 5, 2021
Shyu responded to the thread, labeling it “absolute FUD,” arguing, “Here’s actually how liquidity works in Uniswap V3 […] liquidity ranges are created, you actually can no longer attain it any diversified arrangement.”
Current commentator ChainlinkGod.eth 2.0 commented that TechLead had fully ignored DCF’s point, stating, “You’ve created a ‘accumulate prosperous rapid’ draw so that that probabilities are you’ll well dump for your followers, you’ve added liquidity when the note is low and eradicated it when the note became as soon as excessive and profited the variation in $USDC.”
Shyu published a YouTube video on Tuesday addressing the accusations, denying that he “rug-pulled” investors by removing liquidity. On the opposite hand, the YouTuber furthermore emphasised that MM “could presumably restful no longer be belief about an investment,” describing the project as a “social experiment”:
“Million tokens could presumably restful no longer be belief about an investment by any system. Here’s a social experiment and in truth pure speculation. It’s roughly a sport for us to appear what happens with this, roughly luxuriate in Dogecoin.”