In July 2021, an interesting new crypto currency was released by the name of Million Token, and its launch and immediate stratospheric rise in value quickly brought in wildly inaccurate claims saying that million token is a scam.
Many of these false accusations were simply clickbait videos by unscrupulous YouTubers trying to get more traffic to their channels by creating drama or jumping aboard the drama train created by others of their ilk. Others were based on misinformation, or lack of understanding of how Million Token was constructed and rolled out, and how liquidity pools work.
What is MM?
To quote the official site: “Million is a cryptocurrency with a limited supply of 1,000,000 total tokens pegged to a minimum value of 1.00 USDC each.”
What this means is that the value can never drop below 1 USDC per token, and so the closer the value gets to that, the higher the buying pressure becomes as people jump in and buy at the bargain prices, which then pumps the price back up again. This makes Million quite unique in the market (although several imitations have sprung up since it was launched), and makes it one of the safer cryptos to buy.
Another relatively rare (in the crypto world) feature of Million Token is that the founder is fully doxxed. Meaning he is a widely known, public figure, rather than some shadowy mystery founder with a made up Japanese sounding name. Million was created by Patrick Shyu, also known as “TechLead” who is an ex-Facebook, ex-Google tech lead who has a popular YouTube channel (and was actually a developer of the YouTube app) with over one million followers! He’s also not just a founder, he’s an actual developer, able to code whatever needs to be coded to move the project forward, instead of relying on anonymous outsourced devs like some other cryptos.
Million Token is fully Certik audited. Certik is pretty much the leader in crypto project auditing and Million passed the test with flying colours.
When you look deep into Million token fundamentals, let alone track record so far, you really need to do some mental gymnastics to even ask yourself is million token a scam, when it clearly isn’t.
Is Million Token a Rugpull? No
What is a rug pull? It is typically when founders/developers of a crypto currency suddenly pull out all funds and disappear with the money, causing the value to tank catastrophically, and leaving the buyers with worthless coin. Clearly this has not happened with Million Token as it is still going strong, the founder is still around (and well known, as mentioned above), still invested in the project, still building utility around it, it has survived all the ups and downs and drama, and the holder count is still growing slowly but steadily.
The evidence, not to mention logic, shows that Million Token is NOT a rug pull and the likelihood of it ever being so is pretty much zero, when the founder cannot in any way just disappear with the money.
Pump & Dump
Soon after launch, the value of Million Token shot up, from $1 to over $200. It was a fun time and fortunes were made by some who were lucky enough to sell at or near the top. After that rise, the price inevitably started falling and there were a few big crashes followed by bounces back up again, and then a gradual drop to the current value. Many claimed this as evidence of a pump & dump scheme by Techlead, which is obviously nonsense.
Pretty much every successful crypto launch follows a similar trajectory – a big hype spike as everyone FOMOs in to the shiny new thing, and then a fairly rapid drop followed by sideways action for months or in some cases years, before going back up again. Million is no different than any other coin in this way, there is no mystery, no conspiracy, no scam, just a new project launching and then finding its legs over time.
Liquidity Shenanigans – Techlead Lied? No
One of the claims made in attacks against Million token and Techlead is that his claim of there being 1 Million USDC from the beginning was not true and he somehow “stole” money from buyers to fund that pool and line his own pockets. There have been a few videos that discussed the topic, and techlead himself has mentioned it (perhaps not enough though), but still there is misinformation floating about.
What actually happened, from my understanding, is that Million token was backed by $1 (or 1 USDC) for every token that was available to buy at the time. When it first launched, there was not one million tokens available and this is an important point.
As with many tokens (and startups) when first launched (on Uniswap in this case), the rollout was done in stages. Part of the reason for that is the difficulty in physically transferring such large amounts (a million dollars) in one go right at the start. Another reason is that it simply makes sense to roll out crypto projects in smaller steps to ensure there are no problems along the way. So Techlead made 50k tokens available and backed it with $50k, then soon after he deployed more as demand increased and the available supply was snapped up, and the demand was crazy because there are very few token launches around with the solid fundamentals, openness, and tokenomics quite like Million.
Some people also attacked Techlead for withdrawing his fee earnings from providing liquidity, saying he was stealing buyers money, and using that to provide the $1 floor price, and other odd accusations. All of that is really dumb – that was his money, he earned it and everyone else was free to also add liquidity and earn the same fees as well, because that’s how it works… some people just appear to be jealous that he made money.
Everything is open and public on the blockchain for all to see. Every transaction is there for anyone who cares to look. There’s no mystery, no scam, no rug pull, nothing nefarious.
Was Million Token Hacked? No
Another clickbait joke video by Techlead, which I can’t actually find now, but as usual the haters jumped at the chance to spread the “news”, which of course wasn’t news at all since it was just part of the “war” that was going on at the time between Techlead and the scam accusers on YouTube.
Million Token Community Imploded? It’s complicated.. 😉
Well there is no denying that there has been a lot of drama in the Million community. It is a social experiment after all, and people will do what people do. There have been dodgy people joining the community, trying to scam holders and community members in various ways. There have been disputes between members and Million related projects. There have been fights over ownership of socials such as Twitter accounts, Telegrams, Discords etc. Some would go so far as to say that drama is the use case for Million Token!
TechLead himself has had to step in at times to lay down the law, and has released a governance system for the community to vote on issues and solve disputes where viable.
There are now multiple decentralised Million related community projects growing and thriving, and yes sometimes still fighting, but this is entertainment to keep us occupied while Million grows stronger and prepares for the moonshot.
Techlead Sent to Jail
Was Techlead sent to jail? His haters who accuse him of scamming, like to think the SEC raided his home and locked him up, but of course that didn’t happen. However he did release a video with a clickbait title to wind up those haters, which was actually nothing to do with Million Token. Techlead can troll with the best of them and many actually fell for it.
Well of course there is the drama use case, worthy of a Netflix series at least. Besides that, there are many use cases being built around it, both by the community (Lionrun for example), and by Techlead (see Metafora), and as Techlead has said, “maybe you don’t have a use case”.
Earning passive income is also a pretty good use case and Techlead has built and personally funded Million Pool which is a staking platform paying up to 20% APY! In addition to that, he has partnered with QuickSwap to provide liquidity mining with APY of over 300% at the moment!
This is just not how a scam works…
To get an idea of what has been achieved so far in just a few months, and where Million is going, have a look at this impressive roadmap or “roarmap”:
One thing noticeably missing from the roarmap is any mention of scamming, because of course million token is not a scam.
So Is Million Token a Scam?
** Deep Breath ** Million has a doxxed founder who worked as Tech Lead for Google and Facebook and has a million subscribers on YouTube, has a one million USDC floor locked in, is fully Certik audited, is being continuously developed and bridged to multiple blockchains, listed on a variety of exchanges, it enables holders to earn passive income through high APY staking funded by the founders own holding, and LP mining in partnership with QuickSwap, it has governance, multiple active communities and projects built around it, it has stood the test of time, survived crypto market crashes and multiple attacks from haters, is valued vastly more than launch price even at its lowest points, and is going from strength to strength. As a scam it totally fails.
Is Million Token a scam? Absolutely not. Not in any way shape or form.
If you have any further details on MM or in-depth analysis of the MM/TechLead saga, feel free to comment below!