Less than a day after Lil Tay, actual name Claire Hope, a 15-year-old influencer, announced her passing on her verified Instagram account, a cryptocurrency coin bearing her name was launched. The Lil Tay crypto coin appeared to be a scam, as stated by her manager.
The Lil Tay cryptocurrency, with a total quantity of 100 coins, went live on the BNB Smart Chain on Thursday morning. Nobody has stepped forward to take ownership of the coin as of yet.
Tay’s former manager Harry Tsang revealed to Insider that he had been preparing to create a Lil Tay digital coin and had started working on the token in April. Still, he denied any involvement in the one that was actually launched. He shut down a Lil Tay token website he had started earlier this year on Thursday.
“One hundred percent not me. I gave a warning to everyone already. That is not us. We just took down the website and everything,” he said. This statement confirms that the Lil Tay crypto coin is a scam.
Sharing this to let everybody know that we will not be launching anything soon. We’ve been in development for 4-5 months now.
If anybody is reaching out to you for money saying they’re involved with $liltay it’s not true.
If you see another token/coin with liltay it’s a scam.
— Liltay Token (@LiltayToken) August 10, 2023
Lil Tay crypto coin is not authentic
Before its unexpected release, Harry Tsang, Lil Tay’s former manager, admitted to being involved in the conceptualization of a Lil Tay crypto coin. He acknowledged that he had been working on the token since April.
Tsang, however, strongly denied any connection to the cryptocurrency that was made public after hearing of Lil Tay’s purported passing. He declared his distancing from the issued currency and immediately pulled down a webpage he had created about the Lil Tay crypto coin earlier in the year.
Tsang alerted users to a potential fraud associated with the recently released coin through Twitter and advised them to be cautious about the Lil Tay crypto coin. This is a known scamming method and you need to open your eyes and check official channels of announcements.
Who is Lil Tay?
At the age of 9, Lil Tay became well-known for her vulgar and provocative films. She established herself as “the world’s youngest flexer,” frequently posing with expensive automobiles and wads of cash. She worked with contentious YouTubers like Jake Paul and Danielle Bregoli, sparking a firestorm and endless news cycles.
When Lil Tay and her brother emerged on social media in 2021, they accused their father of abusing them physically and emotionally. They also started a GoFundMe to seek money for legal fees in an effort to give their mother complete custody of the two. In response to the accusations, Christopher Hope issued Instagram a cease-and-desist order.
Local police and medical examiners in Vancouver, where Lil Tay spent a portion of her youth, and Los Angeles, where Lil Tay presently resides, were unaware of any inquiries into the death of anybody by the name of Claire Hope.
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Lil Tay’s passing is apparently a “hacking incident”
In a recent statement, Lil Tay announced that her social media accounts were hacked, and she is alive. Everyone on the internet thought she passed away after an Instagram post, but it turns out that Lil Tay is still alive and she is fine. The Lil
“I want to make it clear that my brother and I are safe and alive, but I’m completely heartbroken and struggling to even find the right words to say. It’s been a very traumatizing 24 hours. All day yesterday, I was bombarded with endless heartbreaking and tearful phone calls from loved ones, all while trying to sort out this mess,” Tay says in a statement read to TMZ by her family.
How long does it take to create a crypto coin?
Depending on how intricate the blockchain and coin are, creating a new cryptocurrency from scratch can take one to six months. Would-be cryptocurrency creators take into account additional systems like auditing and launching an initial coin offering (ICO) in addition to development time. Lil Tay crypto coin has been in the works for 4-5 months now.
The complexity of a cryptocurrency coin or token influences how much it costs to produce. The most costly coins are those that are developed on native blockchains and are highly customized. It may not cost anything to launch standardized tokens on Ethereum.
Crypto scams on social media can take your whole savings
Cryptocurrency scams can occasionally be as elusive as a chameleon in a rainforest in the vast social media cosmos. These frauds frequently present themselves as legitimate, with eye-catching websites, polished marketing materials, and charismatic leaders who guarantee enormous returns on your investment. But a network of deceit lies underneath the sparkling attraction.
The “pump and dump” strategy is one typical con. Scammers manipulate excitement and misleading information to artificially boost the value of a certain cryptocurrency in this complex game of smoke and mirrors.
They quickly sell their stocks as the price hits a specific high point, leaving unwary investors with assets that are quickly losing value. It’s a contemporary take on the tried-and-true confidence trick and may have disastrous financial results.
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Although the digital environment may appear to be a dense jungle of false information, there are a few telling indicators that can guide you through this perilous region. First and foremost, beware of guarantees of exorbitant profits.
Any investment has risk; therefore, keep in mind that any enterprise making such a claim is probably too good to be true. Additionally, be wary of initiatives that are opaque about their team members, technological foundations, or strategy for the future.
Featured image credit: Maxim Hopman/Unsplash