FEW project was a joke, it was symptomatic of DeFi’s biggest problem – shilling scams
After Uniswap successfully launched the UNI governance token rocked the cryptocurrency industry, the greed and FOMO of most users in the DeFi space appears to have reached its highest level. They then made another hit for the MEME token, with prices skyrocketing around $ 2,000 this week. That successful continuation attempt, though, failed with the FEW token.
FEW brief appearance and attempt to copy the MEME token failed
Critics say that recently, the DeFi market has seen many symptoms of complications, particularly scams. The last time to make a mark was FEW, an ambitious but unsuccessful attempt to recreate a massive success like MEME.
According to some information from leaked images from the Telegram group discussing FEW, it appears that the project was created by people trying to replicate MEME’s success. Messages show that the project was launched without a plan, but with a clear purpose – to distribute the token to members of the team, which will then promote it on Twitter.
What surprised everyone, however, was the people involved in that Telegram group, which have some of the biggest “influencers” in the DeFi space. Includes DeFi Dude, an anonymous character related to the Aave and Kyber protocols; Anthony Sassano, a marketing specialist with Set Protocol; Steve McKie, founder and managing partner of Amentum and Alex Soong, co-founder of Set Protocol, …
This is disappointing to see from people I know & trust. While some would’ve been doing it as a laugh, others were malicious & looking to profit whether they’ll admit it or not.
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) September 22, 2020
In fact, this project attracted quite many people within a very short period; At least hundreds of people were involved, which indicated a level of interest in FEW. However, as more people joined the group, some technical questions about the coin started to emerge – does it exist, for example? People began to question FEW’s listing on Uniswap and who will provide the liquidity for the coin. As people began to realize FEW was not listed on any exchanges, someone took the opportunity to profit from the buzz and listed a pair of fake FEWs on Uniswap, in the hopes of attracting members.
Now, watch how fucking fast this happens. At 2:30 there are still less than 100 people.
At 2:36 a flood of ppl enter from a link somewhere. And the entire chat is now faceless.
By 3:19, there are 579 people. pic.twitter.com/VBUVDrOVu4
— Taylor Monahan (@tayvano_) September 23, 2020
But, after the project gained traction in the group, it exploded on Twitter. In the face of an angry crowd trying to protect DeFi’s innocence, most people deny the apparent fraud allegations. Most thought the entire project was an experiment, a joke.
However, such jokes are inevitable. People actually bought fake FEW tokens when they saw influencers talking about it.
Alex Masmej, the group’s administrator, said:
“There was no damage at all because the FEW token was never listed. Furthermore, I burned some of my tokens, as well.”
Alex is not only the administrator of the Telegram group but also participates in inviting users in the group.
Price of fake FEW token
Consequences of dishonesty
FEW’s short and sad story will be over quickly without Twitter’s relentless enthusiastic cryptocurrency community. The fact is, almost everyone involved in the group immediately began to oppose the joke, and this has angered even those ordinarily inactive in the DeFi space.
Most critics agree on one thing – even if the whole thing is just a joke, it’s a bad sign of DeFi’s current state. If something such a little effort can get a lot of attention and its value skyrockets within minutes, then the flow of high-end projects like YAM shows that the DeFi space won’t exist in the long run.
Whatever the real goal of FEW, one thing is clear – it’s just another brick in the long wall of pointless decentralized financial experiments. What FEW has shown us that the voices that are beneficial to it should be considered equally nonsense.
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