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Everyone has already heard about financial pyramids, betting advertising, casinos and account promotion. But progress does not stand still, and modern problems require modern solutions. And Russian bloggers have offered such solutions to their audience - a scam on their own memecoins (cryptocurrencies not backed by anything). The most interesting thing is that this area is not regulated by our legislation in any way and too much, which means that this fraudulent method is legal from the point of view of the law.
In this article, we will analyze a fraudulent scheme using the creation of a memecoin using the example of the blogger-streamer Jesus. We will talk about all the stages of this scam - how bloggers do it, why they do it, why they will not be punished for it and look at a real example - Jesus' token $BOOBA (Boobacoin).
But first, to understand the context and the whole scheme, it is necessary to understand some subtleties. What are memecoins, fantokens, how does fair launch work - their "honest" launch.
Table of contents:
1. Introduction to the context. What is the value of cryptocurrencies? The hype of memecoins and why Russian bloggers are drawn to scams?
2. The mechanism for launching your own cryptocurrency.
3. The essence of the fraudulent scheme. How do bloggers legally swindle children out of money?
4. How did blogger Jesus trick his audience into giving him money?
5. Legal way of fraud. Why bloggers will not face any consequences for this?
6. Are your favorite bloggers no longer your bros? An appeal to the audience and bloggers.
On average, more than five thousand memecoins are created every month. To understand why almost all of them go to zero and only a few find their market fit , it is necessary to understand how the value of these tokens is formed.
What is the value of cryptocurrencies?
The main value of any cryptocurrency (including memecoins, fun tokens) is their utility . In other words, where and how is this token used? The answer to this question determines the demand for this token.
There are cryptocurrencies backed by technology. For example, Ethereum is the second largest cryptocurrency on the market. It is based on smart contract technology, which allows you to program any action on the network - buying | selling anything, transferring rights, executing a certain algorithm, and so on. People use this technology and pay a fee for its use in $ETH. This creates demand. In order to create something or perform any operation in Ethereum, you need to spend $ETH.
Now let's talk about memecoins and fan tokens. For example, the fan token of the Manchester City football club gives the right to buy tickets for the team's matches, branded merchandise at special prices. Owning the sensational NFT Milady gives access to the community of people deeply immersed in crypto, and also allows you to receive retrodrops from other projects - you simply hold this NFT (for ease of understanding, we will consider NFT and memecoins equivalent) and for this you receive rewards in tokens of other projects.
The more and more useful the utility of a memecoin is, the greater the demand for it, and, accordingly, the price. After all, the price is a direct characteristic of supply and demand.
The price of a memecoin also depends on the community's belief in its growth. For example, the $PEPE memecoin ($3 billion in capitalization) is not used anywhere and has no utility, but it has such a strong community that even without using it, people buy it and keep it in wallets for huge amounts. In order for a memecoin to be so popular, it must be viral, it must have a strong team that is deeply versed in crypto and has extensive experience in this market, and, of course, a strong community, which is simply impossible for an amateur to build.
Now that we have covered some of the basics, let's move on to the important part - the legal justification for memecoins.
What are memecoins from a legal point of view? The answer is nothing. It is not a stock, it is not a security, it is an empty space. Therefore, this area is not regulated by any law. And this is very convenient for the creators of memecoins - dummy ones. Because no matter what you do with your coin, no matter how you mislead buyers, no matter how you manipulate its price, you will not get anything for it.
To the context.
There is a renaissance of memecoins on the crypto market right now. There are platforms that allow you to launch your memecoin in just a couple of minutes. And in order for it to start being bought, it is enough to announce it either through advertising or to tell your audience about it.
And who has an audience?
That's right. Bloggers. So it's logical that there were a number of characters who decided to make easy money. After all, where there's a trend, there's big money. Everyone understands that. And if some of them are worried about their reputation, respect their audience and decided to bypass this trend, then many don't care. What can we talk about if the majority of Russian popular people advertise casinos and bets to an audience of children, who, in fact, do not yet have their own formed worldview. After all, they do not yet understand that in order to earn significant money, you need to go a certain way, gain knowledge, and learn how to apply it. The easiest way to provoke FOMO (missing out) in children is to show them a few bets that have flown in, to show them your rich life. And they already want the same. This is how an already serious problem for today's youth develops - gambling addiction .
There are a number of platforms through which you can launch memcoin using fair launch.
Fair Launch is a fair way to launch a token. You declare the creation of a token, give the address of its contract, and people throw their money there in another cryptocurrency (it can be $TON, $SOL, $TRX, depending on which blockchain the token is created in). Then they get the number of tokens proportional to how much money they threw in.
The mechanism here is as follows:
1. Come up with a name, logo and total volume of tokens;
2. Your memcoin automatically appears in the blockchain and has its own contract address;
3. Fair launch begins, during which people add money to the contract and receive your memecoin to their wallet;
4. You add liquidity to the memcoin (in other words, you throw your money into it, a small amount. It is different on different blockchains);
5. You start advertising the token so that people continue to buy it;
6. Once a token reaches a certain capitalization (this is the token price multiplied by their total number. Simply put - the total value of all tokens in circulation), it is automatically listed on decentralized trading platforms (DEX - Decentralized Exchange). From this moment on, this token can be bought | sold on these platforms;
7. That's it. The further development of the memecoin depends only on the demand for it. People buy - it grows. People sell - it falls.
Demand can also be regulated by manipulations of the creator of the memecoin. He can say that he will develop it, that he will buy it below a certain price, that he will arrange partnerships that increase its utility. Then - he can actually do it, or maybe not, he can just forget about the token, and it will roll away.
So what is the fraudulent scheme then, if fair launch is a fair launch? Let's figure it out.
The essence of memecoins is pyramidal. As I have already said above - if a memecoin is bought - it grows, if it is sold - it falls. Whoever bought it first can remain in the black, selling it to suckers who will buy it much more expensively on FOMO. Well, suckers who bought it at the highest prices will forever remain in the black.
What do "smart" bloggers do?
Before they launch a fair launch and start selling their memecoin, they buy it themselves. In this way, they buy the coin at the cheapest price. Then, proportionally to the purchases, the price of the coin begins to grow, the children buy the coin in the hope of growth, the blogger continues to advertise it. And then, when it reaches a certain point, he starts selling it. To whom to sell? To those same children who believe in growth because of the blogger's constant mentions that he is making history and creating a new Bitcoin.
As a result, we get - first the coin creator buys himself, then "shoves" his coin to the goyim, and then, continuing to "shoves", unloads his initial position. And due to the fact that the price of the coin has grown due to purchases and demand, he sells it tens, hundreds, or even thousands of times more expensive than he bought at the start.
Convenient and not at all difficult, right? All you need for such a scam is two brain cells and a gullible audience that swallows any nonsense said by their idol.
This is what it looks like, if anyone doesn't know.
I am attaching the coin chart below.
Chart of blogger Jesus's memecoin $BOOBA. Source - geckoterminal.
At its peak, the coin cost 0.12 $TON, and its capitalization was $2.7 million. What is happening to it today, you can see on the chart above.
What did Jesus do? Step by step.
Everything is according to the scheme described in the section above. Jesus opened the presale for the coin.
He pre-purchased $40,000. He has an argument for this - like, "it wasn't me who made the purchase, someone snooped (tracked) my wallet and when I made a test transaction on the coin contract, someone put $40,000 in there and managed to buy the coin first . "
Well, well, well. Someone from your audience loves risk so much that without any confirmation that this is a real contract, they sent 4 million rubles to an address. Of course, the wallets of the founders of large crypto projects are monitored, there are entire teams that write software for this, but Jesus' wallet... And even without confirmation that this is really the contract that is needed... It even sounds strange. In fact, no one would risk such an amount and send it at random.
Then Jesus posted the coin contract publicly, and people started buying. In total, subscribers gave him a little more than $2.7 million. That's about 250 million rubles at that rate. A good profit, nothing to say.
What happened next?
Of course, the coin started to fall. Everything according to plan. Jesus' team, the blogger himself started selling it. As a result, its price has fallen to 0.0034 $TON by today, that is, 35 times.
And of course, everyone who bought this coin today has lost almost the entire amount. Who then earned it, you ask?
Those who bought first were Jesus' team and a few subscribers who were the most agile.
Of course, they couldn't sell the entire volume of purchased tokens at once - there would have been too rapid a fall. That's why Jesus continued and, by the way, continues to warm up his audience to buy $BOOBA.
And recently he even announced the creation of his own sweepstakes, payments within which will be made in his $BOOBA token.
The result is that Jesus became richer by several million dollars, and the audience became a little poorer (well, what do you mean, they chipped in a couple thousand for a new apartment for their idol). At the same time, the blogger continues to advertise his memecoin and not worry about his safety and freedom, because he knows perfectly well that crypto is practically not regulated by Russian legislation.
The second reason is that it is too complicated. In order to understand what the fraud is and how the creator of the cryptocurrency takes money from people, you need to understand the entire scheme of launching such coins. You need to study the cases. Look at foreign practice - under what articles influencers fall, how the SEC (US Securities Commission) protects its citizens from such schemes. This is too complicated for our law enforcement system. So far, we cannot even adopt a law on mining in adequate wording, let alone memecoins.
By the way, if we talk about foreign practice, then in this material you can read how the FBI caught memecoin market makers (companies that are engaged in the marketing and development of memecoins) and what serious charges were brought against them.
The situation is strange. Federal Law 259 on digital financial assets was issued, which clearly prohibits advertising not only of cryptocurrencies, but even of mining services (this is despite the fact that mining itself is permitted and now regulated by our legislation, there are a number of separate questions for those who wrote this law). And here we are seeing advertising not just of some fundamental cryptocurrency, like $BTC or $ETH, but of a full-fledged scam project from a fairly well-known blogger.
First. I understand that for many kids, fans of streamers bloggers, these people are role models. They will never believe that their idol wants to deceive them until they themselves fall for their schemes. But you need to understand one simple thing - wealth and success do not come easy. No one will let their entire huge audience earn money and tell some secrets of earning for free. No bets, no memecoins from such personalities as Jesus will bring you money. In this situation, only he and his team earn money. That's all. This is just another way to monetize your popularity, albeit illegal. You must understand this.
Be it Jesus, Ivan Gai (who also launched his own cryptocurrency), Morgenstern (who went even further and launched several memecoins that went to zero) or any other celebrity, you shouldn't think that they have a goal to make you richer. No. They make themselves richer. The audience for them is a source of income. I understand that thoughts arise like "well, he has a huge audience, how can he screw everyone? Everyone will turn away from him! How will he continue to make money?" It's very simple. Have many people turned away from Jesus or from Morgen? No, they haven't. They will continue to watch the streams of the former and listen to the songs of the latter. They are doing well. They just got richer.
If such actions seem out of the ordinary to your moral values, then for such characters it is the order of things.
Now the second point. Here I will address the bloggers themselves, who are engaged in such things:
I will not appeal to your morality and conscience, tell you about the boomerang effect and karma. If you take such steps, then obviously you don't care about your conscience. You'd better think about the criminal consequences of such steps. Today, crypto is not regulated by law. And tomorrow? And tomorrow anything can happen. And those fraudulent schemes that seem unclear today, tomorrow can become clear as day. And then everything will fall into place. Everyone who fails to reach an agreement will get their term. And given today's attitude of society towards rich bloggers, reaching an agreement will be oh so difficult.
Source
In this article, we will analyze a fraudulent scheme using the creation of a memecoin using the example of the blogger-streamer Jesus. We will talk about all the stages of this scam - how bloggers do it, why they do it, why they will not be punished for it and look at a real example - Jesus' token $BOOBA (Boobacoin).
But first, to understand the context and the whole scheme, it is necessary to understand some subtleties. What are memecoins, fantokens, how does fair launch work - their "honest" launch.
Table of contents:
1. Introduction to the context. What is the value of cryptocurrencies? The hype of memecoins and why Russian bloggers are drawn to scams?
2. The mechanism for launching your own cryptocurrency.
3. The essence of the fraudulent scheme. How do bloggers legally swindle children out of money?
4. How did blogger Jesus trick his audience into giving him money?
5. Legal way of fraud. Why bloggers will not face any consequences for this?
6. Are your favorite bloggers no longer your bros? An appeal to the audience and bloggers.
1. Introduction to the context. What is the value of cryptocurrencies? The hype of memecoins and why Russian bloggers are drawn to scams?
The memecoin narrative has been spreading widely in the crypto market lately. These are coins that are not backed by anything other than the community and its belief in growth. Some of them grew by tens of thousands of percent and broke through the billion mark, but the majority (99%+) rolled to zero.On average, more than five thousand memecoins are created every month. To understand why almost all of them go to zero and only a few find their market fit , it is necessary to understand how the value of these tokens is formed.
What is the value of cryptocurrencies?
The main value of any cryptocurrency (including memecoins, fun tokens) is their utility . In other words, where and how is this token used? The answer to this question determines the demand for this token.
There are cryptocurrencies backed by technology. For example, Ethereum is the second largest cryptocurrency on the market. It is based on smart contract technology, which allows you to program any action on the network - buying | selling anything, transferring rights, executing a certain algorithm, and so on. People use this technology and pay a fee for its use in $ETH. This creates demand. In order to create something or perform any operation in Ethereum, you need to spend $ETH.
Now let's talk about memecoins and fan tokens. For example, the fan token of the Manchester City football club gives the right to buy tickets for the team's matches, branded merchandise at special prices. Owning the sensational NFT Milady gives access to the community of people deeply immersed in crypto, and also allows you to receive retrodrops from other projects - you simply hold this NFT (for ease of understanding, we will consider NFT and memecoins equivalent) and for this you receive rewards in tokens of other projects.
The more and more useful the utility of a memecoin is, the greater the demand for it, and, accordingly, the price. After all, the price is a direct characteristic of supply and demand.
The price of a memecoin also depends on the community's belief in its growth. For example, the $PEPE memecoin ($3 billion in capitalization) is not used anywhere and has no utility, but it has such a strong community that even without using it, people buy it and keep it in wallets for huge amounts. In order for a memecoin to be so popular, it must be viral, it must have a strong team that is deeply versed in crypto and has extensive experience in this market, and, of course, a strong community, which is simply impossible for an amateur to build.
Now that we have covered some of the basics, let's move on to the important part - the legal justification for memecoins.
What are memecoins from a legal point of view? The answer is nothing. It is not a stock, it is not a security, it is an empty space. Therefore, this area is not regulated by any law. And this is very convenient for the creators of memecoins - dummy ones. Because no matter what you do with your coin, no matter how you mislead buyers, no matter how you manipulate its price, you will not get anything for it.
To the context.
There is a renaissance of memecoins on the crypto market right now. There are platforms that allow you to launch your memecoin in just a couple of minutes. And in order for it to start being bought, it is enough to announce it either through advertising or to tell your audience about it.
And who has an audience?
That's right. Bloggers. So it's logical that there were a number of characters who decided to make easy money. After all, where there's a trend, there's big money. Everyone understands that. And if some of them are worried about their reputation, respect their audience and decided to bypass this trend, then many don't care. What can we talk about if the majority of Russian popular people advertise casinos and bets to an audience of children, who, in fact, do not yet have their own formed worldview. After all, they do not yet understand that in order to earn significant money, you need to go a certain way, gain knowledge, and learn how to apply it. The easiest way to provoke FOMO (missing out) in children is to show them a few bets that have flown in, to show them your rich life. And they already want the same. This is how an already serious problem for today's youth develops - gambling addiction .
2. The mechanism for launching your own cryptocurrency.
Anyone can launch their own cryptocurrency. Technology has reached the point where it can be done in just a few minutes, by coming up with only a name, logo, and the total number of tokens.There are a number of platforms through which you can launch memcoin using fair launch.
Fair Launch is a fair way to launch a token. You declare the creation of a token, give the address of its contract, and people throw their money there in another cryptocurrency (it can be $TON, $SOL, $TRX, depending on which blockchain the token is created in). Then they get the number of tokens proportional to how much money they threw in.
The mechanism here is as follows:
1. Come up with a name, logo and total volume of tokens;
2. Your memcoin automatically appears in the blockchain and has its own contract address;
3. Fair launch begins, during which people add money to the contract and receive your memecoin to their wallet;
4. You add liquidity to the memcoin (in other words, you throw your money into it, a small amount. It is different on different blockchains);
5. You start advertising the token so that people continue to buy it;
6. Once a token reaches a certain capitalization (this is the token price multiplied by their total number. Simply put - the total value of all tokens in circulation), it is automatically listed on decentralized trading platforms (DEX - Decentralized Exchange). From this moment on, this token can be bought | sold on these platforms;
7. That's it. The further development of the memecoin depends only on the demand for it. People buy - it grows. People sell - it falls.
Demand can also be regulated by manipulations of the creator of the memecoin. He can say that he will develop it, that he will buy it below a certain price, that he will arrange partnerships that increase its utility. Then - he can actually do it, or maybe not, he can just forget about the token, and it will roll away.
So what is the fraudulent scheme then, if fair launch is a fair launch? Let's figure it out.
3. The essence of the fraudulent scheme. How do bloggers legally scam people using cryptocurrencies?
The scheme is as simple as possible. In the previous section, we discussed how to launch your own cryptocurrency - your own memecoin. Now let's figure out how you can cheat at this stage to earn all the money that people buy your coin for.The essence of memecoins is pyramidal. As I have already said above - if a memecoin is bought - it grows, if it is sold - it falls. Whoever bought it first can remain in the black, selling it to suckers who will buy it much more expensively on FOMO. Well, suckers who bought it at the highest prices will forever remain in the black.
What do "smart" bloggers do?
Before they launch a fair launch and start selling their memecoin, they buy it themselves. In this way, they buy the coin at the cheapest price. Then, proportionally to the purchases, the price of the coin begins to grow, the children buy the coin in the hope of growth, the blogger continues to advertise it. And then, when it reaches a certain point, he starts selling it. To whom to sell? To those same children who believe in growth because of the blogger's constant mentions that he is making history and creating a new Bitcoin.
As a result, we get - first the coin creator buys himself, then "shoves" his coin to the goyim, and then, continuing to "shoves", unloads his initial position. And due to the fact that the price of the coin has grown due to purchases and demand, he sells it tens, hundreds, or even thousands of times more expensive than he bought at the start.
Convenient and not at all difficult, right? All you need for such a scam is two brain cells and a gullible audience that swallows any nonsense said by their idol.
4. How did blogger Jesus scam his audience? $2.7 million on gullible subscribers.
In the spring of 2024, blogger Jesus, with a huge audience on Twitch and YouTube, announced the launch of his memecoin $BOOBA (Boobacoin).
This is what it looks like, if anyone doesn't know.
I am attaching the coin chart below.
Chart of blogger Jesus's memecoin $BOOBA. Source - geckoterminal.
At its peak, the coin cost 0.12 $TON, and its capitalization was $2.7 million. What is happening to it today, you can see on the chart above.
What did Jesus do? Step by step.
Everything is according to the scheme described in the section above. Jesus opened the presale for the coin.
He pre-purchased $40,000. He has an argument for this - like, "it wasn't me who made the purchase, someone snooped (tracked) my wallet and when I made a test transaction on the coin contract, someone put $40,000 in there and managed to buy the coin first . "
Well, well, well. Someone from your audience loves risk so much that without any confirmation that this is a real contract, they sent 4 million rubles to an address. Of course, the wallets of the founders of large crypto projects are monitored, there are entire teams that write software for this, but Jesus' wallet... And even without confirmation that this is really the contract that is needed... It even sounds strange. In fact, no one would risk such an amount and send it at random.
Then Jesus posted the coin contract publicly, and people started buying. In total, subscribers gave him a little more than $2.7 million. That's about 250 million rubles at that rate. A good profit, nothing to say.
What happened next?
Of course, the coin started to fall. Everything according to plan. Jesus' team, the blogger himself started selling it. As a result, its price has fallen to 0.0034 $TON by today, that is, 35 times.
And of course, everyone who bought this coin today has lost almost the entire amount. Who then earned it, you ask?
Those who bought first were Jesus' team and a few subscribers who were the most agile.
Of course, they couldn't sell the entire volume of purchased tokens at once - there would have been too rapid a fall. That's why Jesus continued and, by the way, continues to warm up his audience to buy $BOOBA.
And recently he even announced the creation of his own sweepstakes, payments within which will be made in his $BOOBA token.
The result is that Jesus became richer by several million dollars, and the audience became a little poorer (well, what do you mean, they chipped in a couple thousand for a new apartment for their idol). At the same time, the blogger continues to advertise his memecoin and not worry about his safety and freedom, because he knows perfectly well that crypto is practically not regulated by Russian legislation.
5. Legal way of fraud. Why bloggers will not face any consequences for this?
Why is this method of fraud still legal in our country? The answer to this question is simple - today there is no clear regulatory framework in the field of cryptocurrencies. $BOOBA is not a currency, it is not a product, it is an object that is not endowed with any property or other categories of rights. It is just air. And if this is air, not enshrined in any legislation, then there are no reasons to initiate any criminal cases.The second reason is that it is too complicated. In order to understand what the fraud is and how the creator of the cryptocurrency takes money from people, you need to understand the entire scheme of launching such coins. You need to study the cases. Look at foreign practice - under what articles influencers fall, how the SEC (US Securities Commission) protects its citizens from such schemes. This is too complicated for our law enforcement system. So far, we cannot even adopt a law on mining in adequate wording, let alone memecoins.
By the way, if we talk about foreign practice, then in this material you can read how the FBI caught memecoin market makers (companies that are engaged in the marketing and development of memecoins) and what serious charges were brought against them.
The situation is strange. Federal Law 259 on digital financial assets was issued, which clearly prohibits advertising not only of cryptocurrencies, but even of mining services (this is despite the fact that mining itself is permitted and now regulated by our legislation, there are a number of separate questions for those who wrote this law). And here we are seeing advertising not just of some fundamental cryptocurrency, like $BTC or $ETH, but of a full-fledged scam project from a fairly well-known blogger.
6. Are your favorite bloggers no longer your bros?
In conclusions from this material, I would like to make two appeals. The first will be to the audience of such bloggers, the second - to the bloggers themselves.First. I understand that for many kids, fans of streamers bloggers, these people are role models. They will never believe that their idol wants to deceive them until they themselves fall for their schemes. But you need to understand one simple thing - wealth and success do not come easy. No one will let their entire huge audience earn money and tell some secrets of earning for free. No bets, no memecoins from such personalities as Jesus will bring you money. In this situation, only he and his team earn money. That's all. This is just another way to monetize your popularity, albeit illegal. You must understand this.
Be it Jesus, Ivan Gai (who also launched his own cryptocurrency), Morgenstern (who went even further and launched several memecoins that went to zero) or any other celebrity, you shouldn't think that they have a goal to make you richer. No. They make themselves richer. The audience for them is a source of income. I understand that thoughts arise like "well, he has a huge audience, how can he screw everyone? Everyone will turn away from him! How will he continue to make money?" It's very simple. Have many people turned away from Jesus or from Morgen? No, they haven't. They will continue to watch the streams of the former and listen to the songs of the latter. They are doing well. They just got richer.
If such actions seem out of the ordinary to your moral values, then for such characters it is the order of things.
Now the second point. Here I will address the bloggers themselves, who are engaged in such things:
I will not appeal to your morality and conscience, tell you about the boomerang effect and karma. If you take such steps, then obviously you don't care about your conscience. You'd better think about the criminal consequences of such steps. Today, crypto is not regulated by law. And tomorrow? And tomorrow anything can happen. And those fraudulent schemes that seem unclear today, tomorrow can become clear as day. And then everything will fall into place. Everyone who fails to reach an agreement will get their term. And given today's attitude of society towards rich bloggers, reaching an agreement will be oh so difficult.
Source
