Dave Portnoy, the open founder of Barstool Sports, is no stranger to the controversy. This time, its foray into the Memes coins sector has left a trace of financial remains and confusion.
The case adds to the burst of controversies around new tokens pitches, attracting debates about ethics in cryptography trade.
Dave Portnoy and the carpet throws the community
It began with the launch of Greed from Portnoy, a meme coin that promoted as a collectible token. According to the analyst at the Lookonchain chain, Portnoy bought 357.92 million tokens of greed, representing 35.79% of the total supply.
Then, in a rapid movement, he sold all his possession, making the price of greed collapsed by 99%. Despite the market accident, Portnoy left with a gain of approximately $ 258,000.
While Portnoy retired, others were less fortunate. An investor lost $ 101,000 in three hours, buying greed with 911 Sol (with a value of $ 153,000) before selling for 309 sun ($ 52,000) in the middle of the price collapse.
“The sale of Dave Portnoy made this guy lose $ 101K in greed in 3 hours! This guy spent 911 Sol ($ 153k) to buy greed, and sold it for 309 Sol ($ 52k), losing 602 Sol ($ 101k), ”Lookochain reported.
The rapid devaluation raised questions about the manipulation of the market and the ethics of having a significant part of the token supply.
Meanwhile, this is not the first portnoy brush with cryptographic drama. A few days before launching greed, he was involved in the meme pound coins scandal. As reported, Portnoy was offered more than 6 million tokens libra before launch, but returned them when he learned that he could not reveal his participation.
“Dave Portnoy revealed that he was offered more than 6 million pound tokens before launch, however, he sent them back after they told him that he could not reveal them. There are probably dozens of influential people who accepted tokens without dissemination. He is the only one who advanced, ”Blocknews revealed in X.
It is still one of the few influential to admit to be approached with unleashed chips, which caused speculation about other influential people who may have taken the agreement secretly.
Portnoy movement of greed to greed2
Not immutured by the reaction, Portnoy launched Greed2, obtaining 268.25 million tokens, or 26.8% of the total supply.
“Do not invest in this collectible currency with more than you can afford to lose. It will be volatile. I will not sell 1 penny until at least midnight is ever. Be careful, ”he warned potential buyers in a publication.
Despite the precaution, many saw the movement as another possible “pull of the carpet” waiting to happen, with some users in X expressing their frustrations.
“IDC [I don’t care] If you want to buy and sell coins when it is transparent when encouraging people to hold and not sell and say that you will not sell, then complete stacking, it is disgusting, “said Liv, a popular user in X.
The user also highlighted Portnoy’s hypocrisy, criticizing other cryptographic figures and apparently replicating similar tactics.
At the same time, Portnoy began promoting another file, Jailstool, which appears in the exchange of Kraken. He said that all his greed profits were reinvested in jail, which he never promised to sell.
However, users called him quickly, pointing out inconsistencies in his narrative. One pointed out that, although Portnoy deployed greed, he had no direct participation in jail, which led to more skepticism about his intentions and transparency.
“… the greed was really deployed by you. The prison was not, and you also said that you were not going to sell the greed, hahaha,” said crypto enthusiast and Nft Moonpie666.
In response to the growing criticism, Portnoy turned to X to defend her actions and shed light on the darkest side of the meme coin market.
“There are many people in the world of meme coins trying to act as if they were moral authority when all they want to do is turn and earn easy money. The whole ecosystem is greed and nothing else. Visit us to the peasants, but do not complain if you lose money, ”he said.
His overwhelming comments did little to quell the reaction, and the critics accused him of exploiting his influence and perpetuating the greed he claimed to criticize. Some users argued that Portnoy companies in Greed and Greed2 were no different from other pump and diver schemes that prevail in the meme currency space.
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