Luna Sanchez- 05 Jul, 2021
What is Enzyme?
Enzyme Finance was formerly known as Melon Protocol. Enzyme (MLN), wants to make it easier for anyone with a computer and internet access the ability …
Patrick Shyu’s channel, Techlead on YouTube, has come under fire with accusations of engineering a multi-million dollar pump and dump scheme. Allegedly pulling the rug over his million followers in one swift move.
Shyu, a popular celebrity in the Youtube tech space and famous for his viral videos (as a millionaire), launched an Initial Dex Offering (IDO) of Million Tokens. This new token will be backed by one USDC per MM Token with no maximum value. The project’s website emphasizes that there is only $1 million worth of stablecoins backing up this coin but it can still hold its fixed supply at 1MM tokens so far - which makes these coins very valuable.
MM saw a monumental increase of 3500% within 72 hours, jumping from $1.00 to $36.87 at launch time on their new product. The price has been crashing down since then though and now sits around the high twenties range-still not as impressive (or expensive) as it was before.
The project had fallen so quickly that it was difficult to keep up. Twitter users were quick to say that it was a pump and dump. Twitter user DCF GOD highlighted key aspects of this fall from grace; including why it seems like a rug pull:
https://twitter.com/dcfgod/status/1411633183708401666
The crypto community is a tight knit group of individuals. They are so close that they always know when someone sells their coins while the rest buys them because it will change prices and nothing stays secret for long in this space. So, by removing liquidity to avoid telling his followers he sold some USDCs at an inflated price.
Mismanagement of funds and allegations of fraud have been in the headlines for months, but Shyu is finally speaking out. His Youtube video created a buzz online with viewers questioning his motives when he states that MM was just an experiment. He goes on to deny any wrongdoing or taking advantage of people who followed him blindly and instead blames this all on external factors such as negative media attention causing investors to withdraw their support from the project at hand putting it under heavy scrutiny while also dealing with internal company issues which contributed to its downfall due to miscommunication among employees resulting in higher-ups having less control over what direction they were heading towards leading them astray into bankruptcy sooner than expected according
Shyu has now addressed these rumors head-on by posting a YouTube (as a millionaire):
“The only thing I can say about the Million token is that it’s a social experiment. To me, investing in anything cryptocurrency related is pure speculation and like any game of chance you have to decide if this one’s for you."
Remember to always do proper research before investing in the crypto space.
