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TechLead is back with a new cryptocurrency: Billion Token.
TechLead Launches New Token
TechLead, a YouTube influencer with over 1.1 million followers, has launched a new cryptocurrency token.
“Billion Token” went live on Uniswap Monday, with trading opening at $0.001. Trading volume had hit $400,000 within two hours as the token price jumped to $0.0018.
Despite the interest the listing attracted on launch, several signs have raised suspicions about the project. The token launched an official Twitter account under the handle @Billiontoken__. The account features no prior tweets before today’s token launch even though it was created in October 2020. Moreover, many prominent crypto figures are currently following the account. As The Daily Ape’s Darren Lau noted, these points suggest that TechLead may have bought the account from a previous owner, before deleting the old tweets and rebranding it for his new token.
PSA – to check the people you follow, Pretty sure this twitter account @Billiontoken__ was something else and using their followers to look more legit
– Million token was created like this month and this account joined oct 2020
– All previous tweets deleted pic.twitter.com/RtLmh4iMGZ
— Darren Lau (@Darrenlautf) July 19, 2021
TechLead was condemned for coordinating an alleged pump-and-dump scheme through his Million Token project earlier this month. The tech influencer used his established social media presence to promote the token, helping it soar to a market cap of $223 million. However, it tumbled 82% in the space of only five days, with many accusing TechLead of pulling the rug on his followers. A “rug pull,” as it’s known across the crypto community, is when a project’s founder or team suddenly removes the liquidity from a pool to exit with the funds, leaving token holders to suffer significant losses due to the token plummeting in value. During Million Token’s surge, it was found that the same address that minted Million had removed significant amounts of liquidity from the Uniswap pool.
TechLead’s actions may have broken the Securities and Exchange Commission’s guidelines. Nonetheless, he has continued to actively promote the project on his social channels. Now, with Billion’s suspicious launch, his followers could have another reason to be cautious.
Disclosure: At the time of writing, the author of this feature had exposure to UNI.
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