TechLead, a former employee of Google and Facebook, launched an altcoin project called Million last week. TechLead, who became a Youtuber after quitting his job, has more than 1.1 million followers. However, the bet that brings it up is not the analysis or images, but the “crypto money fraud”. Details are as follows…
TechLead accused of million dollar crypto haul
First released on July 1, Million Token is designed to have a total supply of 1 million. It is also launching with a fixed supply of 1,000,000 coins pegged to at least 1 USDC. TechLead claims that each Million Token is backed by him and that the price will never drop below $1. Additionally, its website describes its own cryptocurrency as “Decentralized Digital Currency for Millionaires by Millionaires.”
TechLead, which has also gathered investors by promoting its own entity through social media and contact channels, manages to make the project very attractive and well-known. TechLead, a former Google and Facebook employee, addresses his followers in his Youtube video for the promotion:
We’re going to the moon. We’re going to the moon, that’s right. I mean, we’re gonna be wealthy, guys. I don’t see how we can’t be strong.
Altcoin Million Token, 3% in three days. growing more than 500
According to the data from Uniswap, Million Tokens, which started to process at $ 1, explode more than 3,500% from the exit price in the next three days. However, the enthusiasm is short-lived and on the morning of July 4, prices begin to drop. The million is now down 64% from its all-time high.
After this drop, the community starts accusing TechLead of a Ponzi scam. Those watching the situation quickly realize that a large amount of liquidity has been taken from Uniswap by the one-to-one address that printed the Million.
One-on-one, other users discover that a previously inactive account had bought Millions more than $100,000 before the price increased. Despite the price drop and accusations that the project is a scam, TechLead manages to double the Million Tokens. Subsequently, TechLead, in a tweet published on Sunday night, states that it has launched a price target of $ 100 million for the token, and addresses its followers in the following form:
Start putting on your space suits. Stop whining and start helping me
SEC has not made a statement now
Finally, TechLead may have violated the regulations of the Securities and Exchange Board when transferring its guaranteed price increase Token to its followers. However, the SEC has not commented on the event now.
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