A speculative cryptocurrency token called “LilTay” has appeared on the BNB Chain in response to unsubstantiated allegations about the death of 14-year-old online phenomenon and artist Lil Tay. This move is in line with Harry Tsang, Lil Tay’s previous manager, who is now working on creating a unique “Liltay Token” based on Ethereum.
In contrast to Tsang’s project, the BNB Chain’s LilTay token has a finite quantity of little over 100 tokens, albeit trading has not yet started. Speculation abounds that crypto aficionados have taken advantage of the media craze around Lil Tay’s supposed passing or looked to memorialize the young influencer despite the secrecy surrounding the team behind the token’s development.
In a same manner, Harry Tsang has adamantly maintained that his upcoming Ethereum coin has nothing to do with the variation of the BNB Chain. It’s unclear to what extent Lil Tay is connected to the Ethereum coin.
Strangely, months before the alleged false death, the project’s Twitter account had been posting updates on its progress. The uproar peaked when Lil Tay’s true name, Tay Tien, used her official Instagram account to post and then remove a message claiming that she and her brother had died. She quickly denied the rumors in an interview with TMZ, blaming the fabrication to an unlawful intrusion into her Instagram account.
Tsang disregarded any formal BNB Chain launch, citing the token page on the Assure DeFi verification tool and the Etherscan blockchain explorer. The Twitter account associated with Tsang’s Liltay Token has issued a warning against prospective con artists taking advantage of the circumstance. Because the creation of the token took place over a period of four to five months, the account has warned followers to be wary of fraudulent financial transactions using the cryptocurrency $LilTay.
It’s not unusual for people to make meme coins or tokens that are inspired by famous people or current events in the cryptocurrency realm. Following PayPal’s launch of the PYUSD Stablecoin, this tendency became clear when fake PYUSD coins flooded the Ethereum network. Similar losses were seen by investors when “BALD,” a meme currency purportedly associated with FTX creator Sam Bankman-Fried, first appeared.
These occurrences highlight the dangers scam tokens offer and the need for investors to practice caution. Meme currencies like Dogecoin (DOGE) are very popular, demonstrating their enormous potential. Dogecoin, which started out as a lighthearted parody of the Shiba Inu-themed Doge meme, has developed into one of the most valuable assets in the cryptocurrency industry in terms of market value, providing early investors with substantial profits.
