Recently, I wrote a piece on certain internet influencers that have been accused of promoting cryptocurrency scams, but it was more of a general overview of the current situation. For this piece, I want to talk about one particular influencer that was briefly mentioned in that piece: Adin Ross.
Adin Ross is a Twitch streamer who has recently been accused of participating in a “pump and dump” scam involving the altcoin, MILF Token.
The 10K Giveaway
Ross’s troubles started back on May 26 when he held a livestream that was promoted by the developers of the altcoin, MILF Token. MILF Token is an NFT where users can purchase pixeled versions of attractive older women, and apart from its novelty, there’s really isn’t any value behind these tokens.
this doesn’t count? pic.twitter.com/kIZGTljSkF
— YRG Ejay (@Ejaynohoes) July 2, 2021
In a now-deleted tweet, Ross held a giveaway where he was giving away $10,000 worth of Milf Token to “one lucky person” who held a token, and as a result, several followers signed up on crypto platforms and purchased the token only for the giveaway to be canceled. The money was gone.
Caught Red Handed
In the aftermath, Ross tried to distance himself from the controversy and the developers of MILF Token with him going as far as appearing on stream admitting that it was all a scam and telling chat to not buy it. In that livestream, Ross admits to having earned a lot of money to promote the altcoin and said “Hope none of you guys actually bought it.”
I take it back Adin Ross might actually be dumber than Rice Gum
Imagine shilling a coin to your audience and then saying you hoped nobody actually bought it pic.twitter.com/5nfrsjxquS
— Jake Lucky (@JakeSucky) July 3, 2021
The amount of money Ross has never been disclosed; although if his recent gambling promotions are anything to go by, he could have made up to seven figures.
The altcoin scam extends beyond Ross himself as it also involves members of the popular esports group FaZe Clan and YouTuber RiceGum. The influencers were involved in promoting a token known as Save the Kids which was touted as this charity token, but as people bought into the crypto, a huge sell-off occurred.
— Coffeezilla (@coffeebreak_YT) July 1, 2021
This tanked the worth of Save the Kids with the FaZe members and developers of said token making off with the money. As of this writing, Save the Kids is worth $0.001 per token.
Fans and critics have been slamming Adin Ross and FaZe Clan for their involvement in this altcoin scam with the esports group having fired one team member, Kay, and suspending three others for the role they played in the Save the Kids crypto. Ross and YouTuber Ricegum have entered into a sort of fight over something concerning YouTuber KSI. To be honest, I really haven’t been really to understand what is going on between Adin Ross and Ricegum, but regardless this is all probably a ploy to take attention away from the crypto scams.
A statement from FaZe Clan. pic.twitter.com/HnPXpAoSYX
— FaZe Clan (@FaZeClan) July 1, 2021
People aren’t buying into this drama, calling it “fake beef” to divert away from the actual issue at hand.
Sweeping Under the Rug
So far, nobody in this scam is being investigated nor have the authorities have made any inclination towards doing one. MILF Token is currently worth $0.00003 per coin, and as far as I can see, there are no crypto exchanges sites allowing users to purchase the crypto apart from one.
The closest thing I could find was PancakeSwap. It is the only exchange that allows users to buy MILF Token, but the website includes a warning telling people to be careful with fake tokens.
It’s unknown if anything substantial will come from this, other than warning people of potential crypto scams, but this could further fuel crypto regulations.