Patrick Shyu is an ex-Google tech lead and Youtuber, known pseudonymously as TechLead on his channel with more than 1.1 million subscribers. Shyu has been indicted of engineering a multi-million-dollar pump-n-dump plan.
In his scheme, Patrick launched the Million token (MM) via an initial DEX offering on leading decentralized exchange Uniswap on Thursday. The project’s website defines Million as a pre-mined cryptocurrency with a fixed supply of 1 million tokens that are supported by one USD Coin (USDC) each per token. Despite only being backed by $1 million worth of stablecoins, MM has “no maximum value.”
After being quoted at $1.00 on launch, the Million token saw a mammoth 3,500% rise within just three days to achieve $36.87 on Sunday. The price has since crashed, falling by 58% to sit around $15.26.
The instant drop that proceeded Million’s price upper has taken to accusations the project is a pump-and-dump on Twitter, with user DCF GOD stressing the huge amounts of liquidity that had been boosted from Uniswap by the same address that minted MM tokens.
On the thread, they have argued about as that way, he doesn’t need to tell the community that he peddled during them all purchase, his justification was holding the initial promise of keeping 1m of USDC liquidity. In complement, they said:
“By removing liquidity and not selling, he’s effectively selling without ‘selling’”.
The YouTuber disclaimed allegations he has given fraud on his followers at the same time which had affirmed that Million token is a social project and should not be considered an investment.
In his YouTube video published on Tuesday addressing the accusations, he explained that:
“Million tokens 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.
On the Twitter thread, he also responded, labelling it “absolute FUD,” claiming:
“This is literally how liquidity works in Uniswap V3 […] liquidity ranges are created, you literally cannot do it any other way.”
Famous commentator ChainlinkGod.eth 2.0 commented that TechLead didn’t understand DCF’s point, affirming:
“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.”