Pauly, the founder of Notlarvalabs and an influential figure on Twitter, has been gifted more than $1 million worth of cryptocurrency without any exchange of goods or services. This peculiar occurrence is a result of the current craze surrounding meme coins taking an unusual turn.
Initially, the frenzy revolved around Pepe, one of the best meme coins of 2023, with a frog theme that experienced a rapid surge in popularity at the beginning of May. However, the trend shifted towards people trading tokens associated with common names like Ben or Jeff.
Now, individuals are willingly giving away their hard-earned Ethereum to random Twitter users who promise exclusive token “presales,” even when there are no returns or tokens offered.
Notlarvalabs Founder Receives $1 Million in Cryptocurrency Without Exchange of Goods
Pauly posted a tweet on Tuesday that included a wallet address and a statement urging people to send ETH to that address. Accompanying the post was a gif with the caption, “You Get Nothing,” which parodied a fundraising trend that has captured the attention of Crypto Twitter since early May.
In order to be eligible for NOTHING:
Send funds to:
? LIKE, FOLLOW & RETWEET THIS. ? pic.twitter.com/2GGYYwSCat
— PAULY (@Pauly0x) May 30, 2023
Within a day, the wallet registered as yougetnothing.eth via the Ethereum Name Service (ENS) received over 626 Ethereum, amounting to more than $1.1 million according to Etherscan. Despite an influx of memes related to the concept of “nothing,” Pauly emphasized that the wallet is not associated with the launch of a new token and that no presale is taking place.
As funds continued to pour into Pauly’s wallet, he hosted a talk on Twitter Spaces on Wednesday where he intentionally remained silent, adding to the enigma surrounding the situation.
This development occurs amid the ongoing frenzy surrounding meme coins within Crypto Twitter, where traders willingly invest in tokens based on little more than sentiment and hopes for significant profits, despite many of these coins lacking practical use.
Unfortunately, many of these coins turn out to be scams. For instance, on May 10, an account called “Milady Coin” raised $116,000 in ETH by offering a token presale for a non-existent project. Another token named “JARED” followed a similar path, falsely claiming affiliation with a famous MEV bot known as “jaredfromsubway.”
This trend had previously given rise to tokens like BEN and PSYOP, created by a Twitter user named ben.eth. The presence of notable crypto personalities like YouTuber Ben “Bitboy” Armstrong endorsing these coins has attracted attention, even from established digital artists like Beeple.
Despite BEN’s market capitalization reaching $46 million since its launch, the token’s value has dropped by over 47% in the past week, according to CoinGecko.
Another recent meme coin called JEFF gained popularity but experienced a significant decline of over 52% in value within 24 hours as of Wednesday.
While Pauly’s wallet has garnered attention and funds on Twitter, the influencer considers “You Get Nothing” to be a form of performance art. He describes it as a mass psychological experiment, a case study, and an exercise in futility.
Most of the funds received by Pauly’s wallet consist of Ethereum, accounting for over 98% of the total amount. However, other tokens such as PepeCoin and the stablecoin Tether have also been sent to the wallet, with values of $12,500 and nearly $4,000, respectively, according to Nansen data.
Furthermore, individuals have been transferring lesser-known meme tokens to the designated wallet. As an illustration, yougetnothing.eth has amassed a staggering quantity of over 203 million BEN tokens, which currently hold a nominal value of slightly above $21. Similarly, 333 JEFF tokens, valued at a mere $0.73, have also found their way into the wallet, according to the information provided by Nansen.
Pauly acknowledged the presence of these peculiar assets in his wallet and advised his followers to disregard them. He clarified that people were attempting to promote these “shitcoins” with no substantial basis by sending tokens to wallets like his, making it appear as though he had purchased them. Pauly emphasized that he had not invested in any of these tokens.
The assortment of tokens received by Pauly is reminiscent of Budweiser’s experience with NFTs in 2021. After the beer brand announced the registration of beer.eth as an ENS domain, their wallet received a flood of eccentric NFTs, including a “Minimalistic Cock” drawing and an NFT from PeePeeBoy.
On the other hand, there are memecoins that are, in fact, real presales offering real upsides to early investors. One of them is Wall Street Memes, a wallstreetbets-inspired memecoin that has taken center stage as one of the best crypto presales of this year upon raising close to $3 million in less than two weeks.
DeFi Hack Sparks Pursuit of Hacker – Jimbos Protocol Collaborates with Law Enforcement
While the incident on Twitter wasn’t crazy enough, DeFi hacking incidents have resulted in settlements where hackers return a significant portion of the stolen funds, keeping the rest as bug bounties.
Following a hack that occurred on Sunday, Jimbos Protocol issued an ultimatum to the hacker, requesting the return of the funds by 16:00 UTC on Monday. However, there has been no response from the hackers thus far.
In a subsequent development on Wednesday, the DeFi project disclosed its collaboration with law enforcement agencies, including the Department of Homeland Security, to track down the hacker. A message was posted on Twitter addressing the hacker directly:
“To the attacker: We had given you a warning. We would have preferred to offer you a bounty, allowing us to focus on our protocol. Instead, we will engage law enforcement to locate you.”
Even on Monday, Jimbos Protocol had encouraged the hacker to “enjoy a quick $800k payday and live to tell the tale.”
To expedite the investigation, the project expanded the $800,000 bounty to community members who could aid in identifying the culprits and recovering the stolen funds.
Jimbos, a liquidity protocol operating on the Arbitrum chain, suffered a loss of 4,090 Ethereum (ETH) due to a lack of adequate slippage control for liquidity-shifting operations.
As a consequence of the hack, the project faced criticism from the community regarding the concept of an Oracle-less project. Some individuals expressed their reactions through memes shared in response to Jimbos Protocol’s Twitter threads.
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