Tech Youtuber TechLead has created his own cryptocurrency named “Million Token” and has been promoting his new crypto all over his social media accounts. The launch of Million Token comes at an interesting time as many social media influencers have been accused of hyping up and promoting fraudulent cryptocurrencies and scams, and this is no different with TechLead.
Many people have accused TechLead of orchestrating a pump-and-dump scam with Million Token and may have violated regulations of the Securities and Exchange Commission (SEC).
Who is TechLead?
TechLead, real name Patrick Shyu, is an American software developer and a YouTuber who specializes in talking about technology and the industry at large. His channel expands to talk about sociopolitical issues, lifestyle, investing, and cryptocurrency with his channel currently sitting at 1.11 million subscribers; so he’s a fairly big channel.
One thing that is notable is that you will frequently hear and see TechLead calling himself a “millionaire” although his exact net worth is unknown. He has provided a breakdown of how much he claims to make, but people are still skeptical.
TechLead released a nine-minute video talking Million and what makes it so special. It launched on July 1 with a hard cap of a million tokens and he claims that the price of the crypto cannot fall below $1 because each asset is backed up a dollar of his own money.
$MM 200x in less than 2 weeks. That's wild, and that's also 2021.
— sleeplessinva 🌎🧢 (@sleeplessinva) July 14, 2021
Million saw a massive 3500% increase in just 3 days upon launch and it shot the price of the token to $36.87. However, the asset immediately crashed and by July 4, Million had gone down by 64%.
In the weeks since the token has gone up tremendously and is currently worth $159.75 at the time of this writing.
A common statement that you’ll hear pertaining to TechLead is that he has such a dry sense of humor that many people don’t know if he’s joking or not in his videos and that attitude has shifted over to Million. People on social media were quick to dig up any information that they could find on the token and they’ve found something suspicious.
4/ By removing liquidity and not selling, he's effectively selling without 'selling'.
This way he doesn't have to tell the community that he sold while they all bought, he just has to hold his initial promise of keeping 1m of usdc liquidity
— DCF GOD (@dcfgod) July 4, 2021
Based on what they’ve found, people on social media have accused TechLead of pulling liquidity from the project on Uniswap to drive prices down while at the same time telling his followers to invest in Million all over his social media accounts.
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
TechLead has also been seen promoting Million and guaranteeing price gains, and in doing so, may have violated SEC regulations; although the SEC hasn’t commented on this situation yet.
This is not financial advice and I would never give it; however, I want to be honest. Million Token seems really suspicious and I get a bad feeling reading over this. I encourage you all to read the information for yourself and come to your own conclusion and keep an open mind when doing your homework.
Okay last tweet since I have folks telling me I don't know how uniswap works
You can ignore all the liquidity stuff and just compare balances
He has sold MM and gained $2M
— DCF GOD (@dcfgod) July 5, 2021
Given the number of influencers being tied to crypto scams, the fact that TechLead transferred large amounts of money from Uniswap (on an easily accessible and public ledger no less), and his dubious claims of being a millionaire, I am extremely skeptical.