Popular YouTuber and alleged self-made millionaire, Park Shyu, commonly known as Techlead, has recently been called out for scamming his community of crypto enthusiasts.
According to a Reddit post today, Techlead was encouraging his over 1 million YouTube subscribers to buy his newly created cryptocurrency, MillionToken (MM), while allegedly dumping it all on them.
Techlead and MillionToken
On July 1, Techlead posted a video on his YouTube channel announcing the launch of his new coin, the MillionToken, which he claimed is similar to a stablecoin.
He explained that the value of the token is equal to a dollar, with a total supply cap of 1 million tokens and actively urged his followers to buy the coin as it is “going to the moon.”
Although he had pledged to supply initial liquidity to push the coin, it was recently discovered that he is just dumping the tokens while his followers are buying it up.
Techlead had allegedly gone contrary to his words during his announcement,
“It would be theoretically impossible for me to even attempt a rug pull at that point… would I be willing to put my reputation on the line, would I risk my business, would I risk getting sued, being taken to court by a bunch of angry people or even having to leave the country and going to live on an offshore island, probably not.”
He has been seemingly withdrawing his liquidity and not selling, which is also the same thing as selling without “selling”, thus making his followers buy a token he claimed is going “to the moon” while he sold his.
Using this method, Techlead effectively rugs his community and followers while still claiming to be a millionaire.
Techlead’s Controversial Reputation
Techlead is known to be a free-spirited individual who does not hesitate to share his personal and financial life on his YouTube channel.
He had gotten the name “Techlead” from the positions he held while working for two of the largest companies in the world, Google and Facebook.
He served as a software engineer for both companies, first at Google, then Facebook, and attained the position of a team leader in both companies, which is referred to as Tech Lead.
However, he was fired by Facebook for creating his YouTube channel and talking about things that went against the company’s staff policy.
Earlier today, Cardano’s founder, Charles Hoskinson, was called out for not fulfilling his promise of a thousand dApps for ADA holders.