Notable figures in the decentralized finance (DeFi) community found themselves in hot water after joining a group to cook up a MEME-inspired token with the apparent intention of dumping on unsuspecting investors. Group members claim the whole thing was just a joke that’s been taken the wrong way.
Leaked chat logs indicate that the FEW token ‘experiment’ was conceived by Idea Markets’ co-founder Sam Ratnaker, who started the Telegram group for the project on September 22. EthHub’s Anthony Sassano, Rocket NFT’s Alex Masmej, and Twitter user ‘DeFi Dude’ were among those invited to the channel.
Ratnaker took to Twitter to announce the project, describing it as “an experiment to create value for the ecosystem.” FEW’s first 50 holders would each be airdropped 769.23 tokens that would be vested for one year.
The project was intended to follow in the footsteps of MEME — an anarchic token inspired by criticism of the DeFi space that airdropped its supply to Telegram users and then gained 900% in one month (though it has pulled back more recently). Sassano confessed to having been one of MEME’s original airdrop recipients, revealing that he sold the tokens prior to project gathering momentum, missing out on more than $600,000 in profits as of the token’s September 22 high. Read More