TechLead is Suspected of Cryptocurrency Fraud Through Uniswap
Former Google and YouTube tech leader Patrick Shue, aka TechLead, has been accused of developing a multi-million dollar pump-dump scheme for the Million (MM) token.
Patrick Shue launched the Million token through the Initial Dex Offering (IDO) on the Uniswap exchange on July 1.
The project’s website states that Million is a pre-mined cryptocurrency with a fixed supply of one million tokens, backed by one USD per token. Additionally, MM does not have maximum value, despite the support of $1 million worth of stablecoins.
After the launch, MM posted a 3500% growth in three days. On July 4, its price increased to $36.87. Since then, the cost has dropped 58%. At the time of this writing, the price of a stablecoin was about $15.26.
Such a sharp collapse of the token rate, immediately after a dazzling growth, led to the fact that in Twitter depositors began to accuse the creator of Million of using a fraudulent pump-dump scheme.
The accusations make a healthy sense, especially given that after a large amount of liquidity was allocated, the money was withdrawn from Uniswap at the same address at which MM tokens were minted.
TechLead responded to the allegations by saying that this is how liquidity works in Uniswap V3.
ChainlinkGod.eth2.0 stated that TechLead was simply playing the game of enriching liquidity.
On July 6, Patrick Shue published a YouTube video, in which he said that he did not lure investors, and MM is just a social experiment, and not an object of investment:
“A million should not be considered an investment. It’s a social experiment and really pure speculation, it’s kind of a game for us to see what happens. ”