- Patrick Shyu, who operates the TechLead Youtube channel has been accused of masterminding a pump-and-dump scheme.
- However, he claims the Milion token (MM) was not launched for investment, but as a social experiment.
On July 1, YouTuber and Ex-Google tech lead, Patrick Shyu launched a digital asset called Million token (MM) through Initial Dex Offering (IDO) on Uniswap. MM debuted at $1, but within three days, the asset had skyrocketed by more than 3,600 percent to hit $36.87 on July 4. The price, however, could not sustain its value as it crashed by more than 60 percent to trade at the current price of $12.8, leaving late investors at a loss.
Since the crash, several users have dragged the YouTuber through the mud, accusing him of masterminding a pump-and-dump scheme. A user identified as “DCF God” started a thread on Twitter to highlight how Shyu pulled out a large sum of liquidity from Uniswap.
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.
Shyu immediately responded to the thread claiming “this is literally how liquidity works in Uniswap V3”. According to him, he cannot do it in any other way as liquidity ranges are created.
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
Techlead start balance:
– 1M $USDC
– 1M $MMTechlead current balance:
– 3M $USDC
– about 113k $MMHe has sold MM and gained $2M
— DCF GOD (@dcfgod) July 5, 2021
“MM is a social experiment”
His answer, however, did not go down well with a user identified as “ChainlinkGod.eth 2.0”. To him, Shyu’s response was not convincing.
You’ve created a ‘get rich quick’ scheme so you can dump on your followers, you’ve added liquidity when the price is low and removed it when the price was high and profited the difference in $USDC.
MM is described as a pre-mined token with a 1 million fixed supply. According to the project’s website, each token is backed by one USDC. Million tokens (MM) have no maximum value despite being backed by $1 million worth of Stablecoins.
After the many accusations that he had engineered a pump-and-dump scheme, Shyu made a video to his 1.1 million subscribers via his Youtube channel “TechLead” on July 6, claiming MM was not created for investment, but as a social experiment.
Million token (MM) should not be considered an investment by any means. This is a social experiment and really pure speculation, it’s kind of a game for us to see what happens with this, kind of like Dogecoin.
Interestingly, the comments under the video seem to be very positive as a lot of his followers claim to have made profits while others are still holding their investment for a future bull-run.
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