{"id":45580,"date":"2021-07-06T12:28:58","date_gmt":"2021-07-06T09:28:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45580"},"modified":"2025-09-01T11:53:40","modified_gmt":"2025-09-01T08:53:40","slug":"popular-youtube-blogger-accused-of-orchestrating-a-pump-dump-scheme","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/popular-youtube-blogger-accused-of-orchestrating-a-pump-dump-scheme\/","title":{"rendered":"Popular YouTube blogger accused of orchestrating a Pump &#038; Dump scheme"},"content":{"rendered":"<p>A former Google employee and YouTube blogger with more than 1.1 million subscribers, Patrick Shyu, better known as TechLead, was accused of organizing the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-pump-and-dump\">Pump &#038; Dump<\/a> scheme.<\/p>\n<p>On July 1, Shyu launched on the Uniswap decentralized exchange an <span data-descr=\"Initial DEX Offering, the initial offering on a decentralized exchange\" class=\"old_tooltip\">IDO<\/span> token called Million (MM), which he then actively promoted on his channel. According to the project&#8217;s <a href=\"https:\/\/milliontoken.org\/\">website<\/a>, this is a preminted digital asset with a fixed supply of 1 million MM, allegedly backed by the stablecoin USD Coin (USDC) at a 1:1 ratio.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-block-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\nhttps:\/\/youtu.be\/xBSEMJDwvXk\n<\/div>\n<\/figure>\n<p>The token MM&#8217;s creator noted that the token &#8220;has no maximum value,&#8221; despite its peg to USDC. By July 4, the asset&#8217;s price had risen by 3,580%, reaching a peak of $36.87, according to <a href=\"https:\/\/info.uniswap.org\/#\/tokens\/0x6b4c7a5e3f0b99fcd83e9c089bddd6c7fce5c611\">Uniswap Info<\/a>.<\/p>\n<p>As of writing, MM is trading at $13.93 \u2014 a drop of more than 60% from its maximum value.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"453\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/mm-2-1024x453.png\" alt=\"A popular YouTube blogger accused of organizing Pump &#038; Dump scheme\" class=\"wp-image-141529\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/mm-2-1024x453.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/mm-2-300x133.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/mm-2-768x340.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/mm-2.png 1214w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: Uniswap Info.<\/figcaption><\/figure>\n<p>The surge in price was followed by a drop that led some community members to suspect a Pump &#038; Dump scheme. A user under the handle DCF GOD noted that Shyu had withdrawn liquidity using the same address as for token issuance.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Here\u2019s how <a href=\"https:\/\/twitter.com\/techleadhd?ref_src=twsrc%5Etfw\">@techleadhd<\/a> is scamming his community, telling them to buy his coin while he dumps on them<\/p>\n<p>This is his address: <a href=\"https:\/\/t.co\/kMUBjARNwd\">https:\/\/t.co\/kMUBjARNwd<\/a><\/p>\n<p>You know it\u2019s him because it\u2019s the same wallet that minted the initial 1M <a href=\"https:\/\/twitter.com\/search?q=%24MM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MM<\/a><\/p>\n<p>\u2014 DCF GOD (@dcfgod) <a href=\"https:\/\/twitter.com\/dcfgod\/status\/1411633183708401666?ref_src=twsrc%5Etfw\">July 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The user explained that TechLead &#8220;effectively sold without selling,&#8221; withdrawing liquidity. According to him, the founder&#8217;s sole concern was maintaining USDC collateral at about $1 million. By DCF GOD&#8217;s calculations, Shyu earned about $2 million this way.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Okay last tweet since I have folks telling me I don\u2019t know how uniswap works<\/p>\n<p>You can ignore all the liquidity stuff and just compare balances<\/p>\n<p>Techlead start balance:<br \/>\u2014 1M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a><br \/>\u2014 1M <a href=\"https:\/\/twitter.com\/search?q=%24MM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MM<\/a><\/p>\n<p>Techlead current balance:<br \/>\u2014 3M <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$USDC<\/a><br \/>\u2014 about 113k <a href=\"https:\/\/twitter.com\/search?q=%24MM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MM<\/a><\/p>\n<p>He has sold MM and gained $2M<\/p>\n<p>\u2014 DCF GOD (@dcfgod) <a href=\"https:\/\/twitter.com\/dcfgod\/status\/1412151238108631047?ref_src=twsrc%5Etfw\">July 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Shyu called the thread &#8220;absolute FUD&#8221;. In his words, this is how liquidity works in Uniswap V3, and there is no way to do it differently if you tried.<\/p>\n<p>The blogger ChainlinkGod.eth 2.0 noted that the founder of Million missed the point of the accusations.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cYou created a get rich quick scheme to profit from your followers. You added liquidity when the price was low and pulled it at its peak, profiting from the difference in USDC,\u201d \u2014 he wrote.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">You\u2019ve completely missed his core point, you\u2019ve created a \u201cget rich quick\u201d scheme so you can dump on your followers, you\u2019ve added liquidity when the price is low and removed it when the price was high and profited the difference in <a href=\"https:\/\/twitter.com\/search?q=%24USDC&#038;src=ctag&#038;ref_src=twsrc5Etfw\">$USDC<\/a>, you do realize all the data is on-chain?<\/p>\n<p>\u2014 ChainLinkGod.eth 2.0 (@ChainLinkGod) <a href=\"https:\/\/twitter.com\/ChainLinkGod\/status\/1411779235564253185?ref_src=twsrc%5Etfw\">July 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On his page, Shyu also stated that he is smarter than Vitalik Buterin, who &#8220;couldn&#8217;t even get into Google&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Just remember \u2014 I\u2019m smarter than Vitalik Buterin. He couldn\u2019t even get into Google.<\/p>\n<p>\u2014 TechLead (@techleadhd) <a href=\"https:\/\/twitter.com\/techleadhd\/status\/1412178460303183872?ref_src=twsrc%5Etfw\">July 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Later, TechLead published a video in which he responded more fully to the accusations. He said that he did not &#8220;pull the rug out&#8221; from under investors by withdrawing liquidity. Shyu stressed that MM tokens &#8220;should not be considered an investment&#8221; \u2014 he described the project as a &#8220;social experiment&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis is a social experiment and pure speculation. For us, it&#8217;s a kind of game \u2014 we want to see what comes of it, as with Dogecoin,\u201d he said.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/MillionToken?src=hash&#038;ref_src=twsrc5Etfw\">#MillionToken<\/a> \u2014 Answering questions and status update.<a href=\"https:\/\/t.co\/IVrteMHolu\">https:\/\/t.co\/IVrteMHolu<\/a> <a href=\"https:\/\/t.co\/EOjg6jSIWd\">pic.twitter.com\/EOjg6jSIWd<\/a><\/p>\n<p>\u2014 TechLead (@techleadhd) <a href=\"https:\/\/twitter.com\/techleadhd\/status\/1412111562320404481?ref_src=twsrc5Etfw\">July 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, US Senator Elizabeth Warren of Massachusetts drew attention to the prevalence of Pump &#038; Dump schemes in the digital asset industry. She <a href=\"https:\/\/forklog.com\/en\/news\/us-senator-calls-cryptocurrencies-a-shoddy-investment\">called cryptocurrencies &#8216;a lousy investment&#8217;<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Google employee and YouTube blogger with more than 1.1 million subscribers, Patrick Shyu, aka TechLead, was accused of organizing a Pump &#038; Dump scheme.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1415,1154,596],"class_list":["post-45580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celebrities","tag-crimes","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=45580"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45580\/revisions"}],"predecessor-version":[{"id":45581,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45580\/revisions\/45581"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=45580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=45580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=45580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}