TechLead is a YouTube channel hosted by a former Google and Facebook employee. The channel has over 1.1 million subscribers, and it is suspected of dealing with a crypto-related scam by many stakeholders. The YouTuber hosting the channel announced that he is starting a new blockchain project called Million Token.
He also claimed that the price of the said token is never going to fall below $1 million as he was investing 1 million of his own money to support these tokens. As soon as the token was launched, the YouTuber started to promote the said project on all his social media accounts. He is known to get large followership by telling people the way to become rich by grabbing the perfect opportunity.
CoffeeZilla is a YouTube channel that publishes regular updates about the latest crypto scams. This channel recently covered the ‘Million Token’ scam. According to CoffeeZilla, TechLead has not invested any of his own money into the said token. Rather, he has only minted new digital tokens that amounted to one million. These tokens have no real utility or use cases. Their success is based on pure speculation and pumping.
The members of the crypto community from Twitter reported that a massive liquidity activity was noticed on UniSwap. The wallet address that cashed out the tokens and the one that minted a million tokens are the same. At the same time, users noted that 100,000 worth of million tokens were bought by an inactive account before prices went up.
TechLead Continues to Promote its Million Token
TechLead Million tokens received a price appreciation of 3,500% in the first three days of its launch. However, for now, the token is trading for 64% lesser than its ATH. Despite all the scam and pump/dump allegations, TechLead is persistent that investors take more interest in the token to help out and make it a successful project.
CoffeeZilla pointed out that TechLead has been able to dodge legal scrutiny by SEC by claiming on his channel that this is not an investment opportunity but rather a social experiment or a game. Many people claim that Million tokens is a scam project, and it is nothing better than a clever way of theft from the investors. However, the SEC has yet to take any action against the founder of the said crypto project.