Following studies that an internet-famous 14-year-old rapper often called Lil Tay died this week—which has since been confirmed unfaithful—an unofficial “LilTay” crypto token that includes the teenager’s identify launched on BNB Chain on Wednesday.
No one has come ahead to assert accountability for creating LilTay, which has a provide of simply over 100 tokens and has but to be traded. It might have been launched by opportunistic crypto “degens” who sought to capitalize on the media hype across the alleged demise, or pay some type of tribute to the influencer.
Curiously, nonetheless, the BNB Chain token launch got here amid the event of an upcoming Ethereum-based “Liltay Token”—created by her obvious ex-manager, Harry Tsang. He denies that his Liltay Token has any connection to the BNB Chain model launched this week.
“We determined to make use of ‘Liltay’ because it was a legendary meme,” Liltay Token CEO Tsang advised Decrypt, “[and] additionally due to my former function.”
It’s not clear whether or not Lil Tay, whose actual identify is Tay Tien, has any involvement with the upcoming Ethereum token. Nevertheless, the undertaking’s Twitter account has shared improvement updates for months forward of this week’s faux demise scandal.
Decrypt reached out to Lil Tay’s representatives for remark, however didn’t obtain a direct response.
On Wednesday, Lil Tay’s official Instagram account was up to date with a now-deleted picture that includes an announcement that claimed that {the teenager} had died, alongside along with her brother. Information shops had been unable to verify her demise, nonetheless, solely including confusion to the shock.
Come Thursday, Lil Tay issued an announcement to TMZ saying that she and her brother had been each alive and properly, and that her “Instagram account was compromised by a 3rd occasion and used to unfold jarring misinformation and rumors concerning me.”
The BNB Chain token was apparently launched across the time of the apparently false Instagram publish on Wednesday. The timing might have been opportunistic, nevertheless it’s potential that the creator of the token additionally wager on potential confusion, given the general public plans for an Ethereum token from somebody who had beforehand been within the rapper’s orbit.
“We now have not launched something on [BNB Chain],” Tsang stated, sharing the Etherscan blockchain explorer hyperlink with the contract knowledge for the deliberate Ethereum token. “We now have not put liquidity on it, simply to be clear,” he added, additionally sharing a hyperlink to the token web page on the verification platform Guarantee DeFi.
The Liltay Token’s Twitter account warned followers about potential scammers making an attempt to benefit from the scenario. Nevertheless, it is value noting that among the account’s previous tweets additionally talked about “BSC,” which is brief for Binance Good Chain—the unique identify for BNB Chain. Additionally they point out “ARB,” referring to Ethereum scaling community Arbitrum.
“Sharing this to let all people know that we’ll not be launching something quickly. We’ve been in improvement for 4-5 months now,” the account tweeted Thursday. “If anyone is reaching out to you for cash saying they’re concerned with $LilTay, it’s not true. Should you see one other token/coin with ‘Liltay,’ it’s a rip-off.”
Tsang advised Decrypt that the Ethereum token undertaking hadn’t finalized a launch date but attributable to arranging for “crypto influencer” companions and options tied to the token launch, together with a merchandise store. However the rapper’s alleged demise scenario modified the narrative.
“I might have launched this proper now,” Tsang stated, “however I completely had no intention to make it a pump and dump.”
A YouTube video posted in Might launched plans for the token, suggesting that the Liltay Token can be totally different from different influencer-led crypto initiatives. The video has amassed lower than 500 complete views thus far.
Cryptocurrency customers launching tokens or meme cash impressed by celebrities or real-world occasions just isn’t new. On Monday, after PayPal introduced the launch of its PYUSD Stablecoin, faux PYUSD tokens flooded the Ethereum blockchain.
Final month, a meme coin known as BALD launched and shortly went to zero in an obvious “rug pull.” Web sleuths linked the token to disgraced FTX founder Sam Bankman-Fried or somebody near him, though the allegations have but to be confirmed.
Meme cash are crypto tokens that take their names from celebrities or web memes. Essentially the most well-known meme coin, Dogecoin, named after the Shiba Inu-themed Doge meme, began as a joke. Nevertheless, it surged in recognition beginning in 2021, and is now one of the vital helpful cryptocurrencies based mostly on complete market cap.
Amid confusion across the a number of tokens, the Twitter account tied to the Liltay Ethereum token undertaking has tried to dispel any notions that it was concerned with the BNB Chain launch.
“In contrast to them, our legitimacy is that we even have somebody who managed the person,” the account claimed, “and a marketing strategy with [a] use case.”
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