YouTuber accused of pumping up cryptocurrency, manipulating hundreds of thousands of bucks
NewsPatrick Shyu denied the investor’s accusations and explained that the Million Token coin he designed was just a social task, not an investment possibility. Patr...
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Patrick Shyu denied the investor’s accusations and explained that the Million Token coin he designed was just a social task, not an investment possibility.
Patrick Shyu was accused by traders of manipulating the coin he designed. The Million Token (MM) founder’s pump-and-dump approach triggered hundreds of thousands of bucks in losses for traders.
Patrick is a crypto content material creator who owns a YouTube channel named Techlead with more than a million subscribers. He issued the MM coin and offered it on the Uniswap exchange on June thirty.
According to the official web-site of Million Token, this is a decentralized cryptocurrency, but has a fixed provide of one million coins and is backed by one million USDC. The issuer emphasized that the token “has no maximum value”.
According to information from Uniswap exchange, Million Token has greater by three,500% in just three days and peaked at 36.87 USD. However, the price tag of this cryptocurrency instantly dropped by 58%, to 15.03 USD on the afternoon of seven/seven.
After the promote-off, numerous traders accused Patrick of manipulating his personal cryptocurrency. A Twitter account named DCFGOD explained that a big sum of liquidity from the Uniswap exchange was withdrawn and sent to the issuer’s wallet handle. The figures demonstrate that this YouTuber’s wallet has greater by $two million, even though the sum of coins he holds has plummeted.
“By eliminating liquidity for investors when prices were high, TechLead sold MM tokens and made $2 million in profit,” DCFGOD explained.
However, Patrick Shyu also countered this user’s view shortly following. He believes that this is the “law” of the Uniswap V3 exchange, due to the constrained scope of liquidity.
Shyu published a video on YouTube, addressing allegations of cryptocurrency manipulation and denying liquidation. However, the YouTuber also emphasized that customers ought to not contemplate Million Token as an investment, this is just a “social experiment” task.
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