YouTuber accused of engineering multi-million pump n dump via Uniswap
The YouTuber denied accusations he has rug-pulled on his followers whereas declarative that Million token may be a “social project” that “should not be thought as an investment.”
An ex-Google tech lead and YouTuber with quite 1.1 million subscribers have been suspecting of engineering a multi-million dollar “pump and dump” scheme.
Patrick Shyu identified pseudonymously as TechLead on YouTube, launched the Million token (MM) via Initial Dex Offering(IDO) on leading decentralized exchange Uniswap on July 1.
The project’s website describes Million as a pre-mined cryptocurrency with a fixed supply of 1 million tokens that are backed by one USDC every per token. The website emphasizes that despite solely being backed by a $1 million value of stable coins, MM has “no most price.”
After being priced at $1.00 on launch, MM saw a mammoth 3,500% increase within three days to hit $36.87 on July 4. The worth has since crashed, declining by 58% to sit down around $15.26 at the time of writing.
The immediate crash that followed Million’s worth high has led to accusations the project could be a pump and dump on Twitter, with user “DCF GOD” lightness the big sums of liquidity that had been forced from Uniswap by a similar address that minted MM tokens.
“By removing liquidity and not selling, he is effectively commerce while not ‘selling’. this fashion he does not have to be compelled to tell the community that he sold whereas all of them bought, he simply must hold his initial promise of keeping 1m of usdc liquidity,” they argued.
Shyu well-versed the thread, labeling it “absolute FUD,” arguing: “This is virtually, however, liquidity works in Uniswap V3 […] liquidity ranges are created, you virtually cannot know the other method.”
Popular commentator “ChainlinkGod.eth 2.0” commented that TechLead had fully incomprehensible DCF’s purpose, stating: “You’ve created a ‘get made quick’ scheme thus you’ll dump on your followers, you have value-added liquidity once the worth is low and removed it once the worth was high and profited the distinction in $USDC.”
Shyu printed a YouTube video on July 6 addressing the accusations, denying that he “rug-pulled” investors by removing liquidity. However, the YouTuber additionally emphasized that mm “should not be thought of an investment,” describing the project as a “social experiment:”
“Million tokens shouldn’t be thought of as an investment by any means. this is often a social experiment and extremely pure speculation, it’s quite a game for us to envision what happens with this, quite like Dogecoin.”