An ex-Google worker and YouTuber with more than 1.1 million subscribers has been accused of piloting a multi-million dollar “pump and dump” on uniswap.
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On July 1, Patrick Shyu, popularly known as TechLead on YouTube, launched the Million token (MM) through an Initial Dex Offering (IDO) on Uniswap DEX (decentralized exchange).
According to the project’s website, Million token is a pre-mined cryptocurrency with a fixed supply of one million tokens that are backed by one USDC each per token. It is backed by $1 million worth of stable coins. The website states that MM has “no maximum value.”
Few days after launch, MM saw a sporadic 3,500% increase hitting $36.87 on July 4. Since after the fast jump to hit new highs, the price has crashed by 58% to around $15.26 at the time of writing.
The immediate crash that followed has led to accusations on twitter that the project is a pump and dump. A user, “DCF GOD” highlights with wallet address that a large sums of liquidity was removed from Uniswap by the same address that minted MM tokens.
“By removing liquidity and not selling, he’s effectively selling without ‘selling’. This way he doesn’t have to tell the community that he sold while they all bought, he just has to hold his initial promise of keeping 1m of usdc liquidity,” they argued.