Nick O’Neill, a cryptocurrency influencer, said he intentionally sold a community-created token after its developers sent him 60% of its supply.
The incident sparked criticism from some traders, while others said the entrepreneur was under no obligation to support an unofficial token created without his approval.
O’Neill defends the sale of junk tokens
It all started when Fibonacci was calculated on X subscriber A clip from O’Neill’s Choose Rich Live YouTube show, in which he notes that The Black Bull (ANSEM) has surged 40% to a peak market capitalization of more than $120 million after the influencer named after him, Ansem, sparked weekly airdrops.
In the clip, he also noted that Ansem controlled 60% to 65% of the token supply and fees through a public wallet valued at approximately $50 million at the time.
“Will it rise to similar high levels? I don’t know. These levels are difficult to sustain…If you take a look at the Ansem charts, they are setting up for a very bad head and shoulders pattern. I think the reality is that there are not enough buyers in the market,” O’Neill commented on ANSEM’s performance.
But even after expressing these doubts, a now-deleted post suggested that O’Neill would have also benefited if he controlled 65% of the token supply, and in response to the idea before the post disappeared, the podcast host responded: “I mean that would have been unbelievable.”
And yet it is He said And the opposite shortly after, telling his nearly 286,000 followers on X that he had no intention of backing tokens launched in his name other than the original RICH meme coin.
“I will literally exchange any token anyone creates for me other than the original $RICH. I just exchanged another token,” the influencer wrote.
When the criticism began, O’Neill explained that someone had independently created and distributed the token in question, called I Choose Rich Everytime (NICK), before sending it a large allocation.
Reserve, the account behind the coin, accused the influencer of selling NICK tokens shortly after receiving them, something he did not deny, instead arguing that there was no reason for him to support another community-created asset when the existing cryptocurrency already bears his branding.
“If I wanted to do it, I wouldn’t have some random person do it,” he replied.
The ANSEM comparison is pending discussion
Some of O’Neill’s followers urged him to adopt the currency anyway, suggesting it could rival ANSEM’s success. But others defended his decision, with one of them, ExcaliberArt, comparison The situation of receiving free shares in a company, which O’Neill was free to sell because he never promised to promote or endorse the token.
like CryptoPotato I mentioned yesterday, the publisher behind The Black Bull sender 650 million tokens, worth about $71 million at the time, went straight to Ansem’s wallet for free while they walked away with just $5,500 for themselves. According to on-chain analysts, the distribution suggested a pre-arranged promotional scheme, although some watchdogs, such as Rugcheck, have warned that concentrated ownership of the token has increased the risk of market manipulation.
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