A former Google tech lead and YouTuber with more than 1.1 million followers was accused of running a “pump-and-dump” program to raise millions of dollars.

Patrick Shyu – A former technology leader from Google and Youtuber

Patrick Shyu, a YouTuber known by the nickname TechLead, launched Million Token (MM) on July 1st via the Intial DEX Offering (IDO) on the decentralized Uniswap exchange.

Million describes itself as a pre-mine cryptocurrency with a fixed offering of 1 million USDC-backed tokens at a ratio of 1USDC: 1MM. The project’s website emphasizes that despite the support of only $ 1 million worth of stablecoins, MM does not have a “maximum value”.

After MM was valued at $ 1 at launch, MM saw a massive 3,500% surge in just three days, hitting an ATH of $ 36.87 on July 4th. Since then, at the time of writing, the price has fallen 58% to $ 15.26.

The collapse of millions led to accusations on Twitter that the project was a pump-and-dump, user “DCF GOD” shown a large amount of liquidity has been withdrawn from Uniswap via the same address that minted MM tokens.

“By withdrawing liquidity rather than selling it, it is effectively selling without selling. That way, he doesn’t have to tell the community that he was sold while everyone is buying, he just keeps his original promise to keep USDC 1 million liquid. “

Okay last tweet as people tell me I don’t know how Uniswap works

You can ignore all the liquidity stuff and just compare the balances

Techlead starting credit:
– 1M $ USDC
– 1M $ MM

Techlead’s current balance:
– 3M $ USDC
– about 113k $ MM

He sold MM and made $ 2 million

– DCF GOTT (@dcfgod) July 5, 2021

Okay last tweet because someone told me I don’t know how Uniswap works. You can ignore any liquidity issues and just compare balances

Techlead opening balance:
– 1 million USDC
– 1 million MM

Techlead’s current balance:
– 3 million USDC
– 113,000 MM

He sold MM and made $ 2 million. “

Shyu reply Subject and label it as “absolute FUD”.

“This is how liquidity works in Uniswap V3 […] Liquidity arises, there is really no other way. “

The popular commentator “ChainlinkGod.eth 2.0” comment that TechLead completely missed the point of Discounted Cash Flow (DCF):

“You created a ‘get rich quick’ scheme so you could sell to your followers, you added liquidity when the price was low and removed it when the price was high, and got a USDC spread “.

Shyu posted a YouTube video addressing the allegations on July 6 and denied that he had “pulled the carpet” by eliminating liquidity. However, Shyu also stressed that MM “should not be viewed as an investment” and described the project as a “social experiment”:

“Millions of tokens should not be viewed as an investment of any kind. This is really pure speculation and a social experiment, it’s like a game for us to see what happens, just like Dogecoin. “

Teacher

According to Cointelegraph

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