Youtuber million subscribers TechLead accused of scam after he launched a token called Million last week
TechLead launched a token called Million last week. TechLead is a former employee of Google and Facebook. After leaving work, he became a Youtuber with more than 1.1 million followers. However, he has now been accused of running a pump-and-dump scam with his own newly-launched cryptocurrency.
TechLead, a popular YouTuber with over 1.1 million subscribers, launched a token called Million last week
TechLead, popular YouTuber with over 1.1 million subscribers, accused of scam as Million token plummets
Million was launched on July 1st, has a hard cap of one million tokens. Million is a cryptocurrency pre-mined to a fixed supply of 1,000,000 tokens pegged to a minimum of $ 1 USDC (with no maximum value). TechLead claims the token price cannot fall below $1 as each token is backed by $1 of his own money. On its website, it’s described Million as “A Decentralized Digital Currency for Millionaires by Millionaires.”
Since its launch, TechLead has actively used its social media channels to promote the token, showing that investors can earn attractive returns by buying into the project.
In a YouTube video uploaded on the day the token was made available for trading, TechLead told its followers:
“We’re going to the moon. We’re going to the moon, that’s right. I mean, we’re going to be rich, you guys. I don’t see how we can not be rich”, he said.
According to data from Uniswap, Million tokens, which started trading at $1, have seen massive growth over the next three days, up more than 3,500% from their launch price. However, the euphoria was short-lived, and on the morning of July 4, prices began to fall. Million is now down 64% from its all-time high.
After that decline, the community started accusing TechLead of a pump and dump scam. Monitors of the situation were quick to note that a large amount of liquidity was taken from Uniswap by the same address that minted Million.
At the same time, other users discovered that a previously inactive account purchased more than $100,000 Million before the price increased.
Despite the price collapse and accusations that the project is a scam, TechLead is doubling down on the Million token. In a tweet posted Sunday night, he started a $100 million price target for the token and urged his followers that they should “START PACKING YOUR SPACESUIT, STOP WHINING AND START HELPING.”
Look, I didn’t get into crypto for 2x returns. If you want a “safe stock,” go get some $GME or $AMC. But if you’re going to the MOON JACUZZI BAR 🚀🌕🥂 for $100 MILLION MINIMUM, then I suggest you START PACKING YOUR SPACESUIT, STOP WHINING AND START HELPING. Thanks. – your Dad
— TechLead (@techleadhd) July 5, 2021
In promoting the token to its followers with references to guaranteed price increases, TechLead may also have violated the Securities and Exchange Commission’s regulations. The SEC has yet to comment on the activity.
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