sinking.
Youtuber TechLead has made a living off of bragging about his millionaire status and his past as an ex Google and Facebook employee. But what many people don’t know is that he created a project called Million Token as a ‘social experiment’ knowing that he had over a million subscribers who would likely trust him. Million Token was designed to have a circulating and max supply of 1 million tokens, as the name implies. TechLead proudly proclaimed that he had invested 1 million dollars in the project, backing it 1:1. He had promised that the limited and fixed supply would always remain backed and that the coin could never sink below a dollar.
However, Coffeezilla, a cryptocurrency expert, checked TechLead’s addresses and followed the trail on Uniswap where the coin was listed. He soon discovered that TechLead had siphoned over 3 million dollars from the project while his viewers and other buyers were pumping the price. At one point, Million Token did over a 200x and this is likely where TechLead started to siphon the money in the background while releasing videos on Youtube and ensuring that new blood keeps coming in. It seems that TechLead was running a Ponzi scheme, using new investors to cover his own profits while the price wasn’t sinking.
TechLead had promised his viewers that Million Token was a foolproof investment. However, it turns out that he was the one profiting most from it. Even though the project was initially started as a ‘social experiment’, it seems that TechLead took advantage of the trust that his followers had in him to make a significant profit. This raises questions about ethical practices in the cryptocurrency world and also shows that investors should always do their own research before investing in any project.