False studies in regards to the loss of life of internet-famous 14-year-old rapper Lil Tay have triggered the emergence of an unofficial crypto token named “LilTay” on the BNB Chain.
The launch of the token coincides with the event of an Ethereum-based “Liltay Token” by her ex-manager, Harry Tsang.
The BNB Chain model of the LilTay token has a restricted provide of simply over 100 tokens and has but to be traded.
Whereas there are totally different speculations across the crew behind the token, some have prompt that opportunistic crypto lovers might have sought to capitalize on the media hype surrounding the alleged loss of life or pay tribute to the younger influencer.
In the meantime, Tsang has claimed that the upcoming Ethereum token is unrelated to the BNB Chain model.
Additionally it is not clear whether or not Lil Tay herself is concerned with the Ethereum token.
Nevertheless, the challenge’s Twitter account has been sharing improvement updates for months earlier than the faux loss of life scandal.
Final week, the official Instagram account of Lil Tay, whose actual identify is Tay Tien, revealed a now-deleted submit claiming her loss of life alongside her brother.
She subsequently issued a press release to TMZ, clarifying that she and her brother had been alive and nicely, attributing the misinformation to a third-party compromise of her Instagram account.
Tsang Denies BNB Launch, Calls Different Tokens Scams
Tsang has mentioned that no official launch has taken place on BNB Chain, referring to the Etherscan blockchain explorer and the token web page on the verification platform Guarantee DeFi.
The Liltay Token’s Twitter account, the one launched by Tsang, has additionally cautioned followers about potential scammers leveraging the scenario.
It has warned followers towards falling sufferer to scams involving cash transactions associated to $LilTay.
“Sharing this to let all people know that we are going to 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. In case you see one other token/coin with ‘Liltay,’ it’s a rip-off.”
Creating tokens or meme cash impressed by celebrities or real-world occasions shouldn’t be new within the cryptocurrency house.
As an example, after PayPal introduced the launch of its PYUSD Stablecoin, faux PYUSD tokens flooded the Ethereum blockchain.
Equally, a meme coin referred to as BALD, believed to be linked to FTX founder Sam Bankman-Fried, has lately delivered large losses to buyers after plunging to zero.
These incidents spotlight the risks of rip-off tokens and the necessity for buyers to train warning.
Meme cash, equivalent to Dogecoin (DOGE), have gained immense reputation within the crypto house, partly due to their large potential.
As an example, beginning as a joke based mostly on the beloved Shiba Inu-themed Doge meme, Dogecoin has develop into one of the crucial worthwhile cryptocurrencies by way of whole market capitalization, providing triple-digital returns for early buyers.