Original author: @StarPlatinumSOL
Original translation: zhouzhou, BlockBeats
Editor's note: This article tells the story of two KOLs in the crypto space, Books and Shillin Villain, who used token pre-sales to conduct "social experiments." The tokens they launched, such as $COPE and $POGE, had most of their supply controlled by the team, causing the token price to collapse quickly after issuance. They also launched early access passes (0.5 SOL, 1,000 supply) to provide opportunities for users who want to participate in the token issuance in advance. The two repeatedly manipulated the market by controlling the token supply, which eventually led to a sharp drop in token prices and caused losses to investors.
The following is the original content (for easier reading and understanding, the original content has been reorganized):
A group of KOLs appear to be launching tokens and dumping them on their fans.
Nobody talks about it, but it’s happening.
To understand this confusion, we need to talk about the main people associated with these token launches:
• Books, aka @DaoKwonDo
• @ShiLLin_ViLLian
Both have long and controversial histories in the crypto space.
Shillin Villain was once CT's most popular Spaces host.
He launched DeFi Apes with Bark.
But the project eventually collapsed, lost 22K ETH and closed.
His biggest scandal is Network Token.
He allegedly ripped off his own community in a failed launch, resulting in millions in losses.
Books has been active in this circle since 2021.
He has been involved in some NFT projects that ended in failure.
His latest scandal is $POX,
A failed Solana project.
He built up hype for the project, but problems emerged after its release.
Another token that may be related to Books is $WILDNOUT.
It was promoted by @NickCannon, a big account with 4 million followers.
But insiders hold the majority of the supply.
This makes it easy to manipulate the market to pump up, sell off, and then disappear.
Sometime this year, the two KOLs teamed up in a live broadcast.
Books runs a paid Alpha group where he shares investment advice for $25.
That’s when they began conducting a “social experiment” involving a token presale.
• 31% allocated to the team
• 31% allocated to market making
One of the first tokens they launched was $COPE. The majority of the supply is held by the team.
For a while, they even locked up some of their tokens, but after the release, the token price quickly collapsed.
The next token to launch right after the collapse of $COPE was $POGE. These two KOLs appear to control 95% of the supply, which gives them complete control over the price, with the same result.
Another of their "social experiments" is the Early Access Pass. Total supply is 1000. Minting price: 0.5 SOL. This is for those who want to participate in the token launch early.
