Crypto investors seem to have an appetite for scams because they managed to successfully pump a publically proven soft-rug to unseen heights. A literal scamcoin made to siphon wealth from TechLead's subscribers into his own pockets is being bought up like it's the biggest thing since sliced bread. This wouldn't come as such a shocker if it happened before it was proven to be a scam but investors are actually piling into this garbage after the fact that it became a proven scam.
TechLead, more commonly known as the "as a millionaire" guy, is actually a reasonably popular youtuber with more than a million subscribers. Ironically enough, he's been bashing crypto and especially bitcoin, on his channel for a while now so it came as a big surprise to me when I saw him launch his own shitcoin.
Unsurprisingly, it turned out to be nothing but a massive scam.
Shortly after release, few influencers jumped onto the blockchain to follow TechLead's footsteps to see what he is up to. Needless to say, he was up to no good. Just days after launch, he started dumping on his subscribers while making videos about his "project" to create liquidity so that he can dump more coins with less slippage while taking home a bigger cash prize.
In total, he got away (for now) with stealing more than 4 million dollars from his subscribers.
NOTE: This was 10 days ago.
Fast forward to today, and his shitcoin $MM is up more than 5x in the past two days or 15x since inception.
It's baffling to think that among us crypto investors there are enough apes to pump a proven scam from nothing to 160 million mcap at 136 million 24h volume. Are people really degenerate enough to invest into this proven scam or is there something else behind this recent growth? It could be that TechLead himself is pumping his own coin to sucker in more gullible subscribers.
I have a hard time believing so many people reside at the bitter end of the IQ spectrum. Then again I remember that there was a point in time, in the not so distant past, that millions of people across the globe knowingly invested into a proven ponzi (Bitconnect) and I think to myself. Well, maybe it was really the apes that bought into this proven scam.
Average crypto investors are obviously much dumber than we give them credit for.
The only way they're ever going to learn a lesson is to lose a big chunk of their net worth by making a mistake.
TechLead is going to deliver this pricy lesson very soon and we'll bring the popcorn to observe the carnage.
The only thing that I can't understand about this whole fiasco though, is how he is so confidently breaking that many financial laws at once while not giving a fuck about the consequences. This man is fully doxxed online and if/when he ruggs, death threats are going to be the least of his worries when SEC comes knocking on his door.
It will be fun to watch his (as a millionaire) prison vlogs.
Stay tuned for more because this is a developing story!