Although Voshy, the creator behind the meme coin, made multiple warnings, speculators were eager to turn over their Twitter permissions to get access to the token. They got a lesson in account security the hard way.
S**tcoin spring, Meme Coin May, or whatever you call this season – is here. Now, just about any cryptocurrency with a Twitter account can entice traders to become speculators for the next ‘big hit’.
Stories about meme coin riches have long since encouraged speculators to try their luck to be the next name to make it big. For each lucky speculator up 5,000,000% on pepecoin (PEPE), there’s thousands of gamblers who are unfortunately losing money to insiders and trading bots. In the odyssey to get meme coin riches, these gamblers may end up falling for tokens that end up taking all the contents in their wallets, rather than increasing their wealth.
As traders throw money at novelty coins (and reason away), this trial and error-like process for getting big gains makes them vulnerable to greed – with many falling for it.
Last week, a social experiment called GREED hit a bit close to home for token speculators on the Solana blockchain. As they put money to $GREED, they instead ended up with nothing but public shame.
$GREED: a s**tcoin experiment
$GREED was a social experiment that can reveal to us the ugly side of meme coin shilling – and possible theft as a result.
Last week, over 43,000 Twitter accounts authorised one man in Croatia, granting permissions to tweet on behalf – for the sole purpose of obtaining $GREED tokens.
Furthermore, 55,306 wallets signed a transaction that was intentionally designed to look sketchy, which in theory, would have resulted in their wallets being drained.
However, it’s good that the tale of $GREED ended in not much harm. Voshy, or Ivor Ivosevic, doesn’t plan to steal any money – and in fact cannot: he and his developers did not build the code used for the experiment.
But why spend time and effort to create a token to this effect? According to Voshy himself, he wants to teach crypto traders a lesson on internet security, and $GREED, itself.
The social experiment ended up revealing a bit too much about crypto’s dark side, in much irony.
Over five days, Voshy hovered around crypto chat rooms and noticed an event that was happening more than often. More than enough, multiple people conjured up tokens just for the sake of it – with names like “dollar sign in front of fruit name” – then selling it to friends prior to releasing them. After events like this, according to Voshy, “everybody apes in and the token goes to zero.”
Being tired from the phenomenon, before going to bed, Voshy made an ironic tweet about a ‘new’ meme coin – or a s**tpost for a s**tcoin, if you will:
Are you guys ready for $GREED?
Notifications on, next post is the most important one for the airdrop.
All interactions with this tweet will be recorded.
— Voshy (@voshy) May 6, 2023
While Voshy hoped to follow up with a call-out of whoever ended up falling for the joke after he woke up, things spiraled out of control.
“I woke up with 2,000 more followers,” said Voshy, who previously only had 2,700 on that account. One person had told him “nice joke,” but the rest seemed eager to invest. “I’m like, f**k, this didn’t go as I had planned.”
Voshy then took the joke a step further, telling those eager for $GREED to tweet the message “doing it because of $GREED” to get the token. His tweet then went viral.
Soon after, Voshy woke up the next day to hundreds of Twitter direct messages for directions on how to buy $GREED – even before public release of his nonexistent coin.
A GREED for presales
Accordingly, $GREED also shows us the ugly side of token presales.
Presales are known as a way for token speculators to try and make money from meme coins. As they buy a token prior to wider public circulation, speculators hope to “pump and dump” these coins to make a profit: the act of inflating its worth, and selling it immediately for ‘easy money’.
In the case of $GREED, Voshy found offers that reached up to seven figures – proving that some speculators play presales with high stakes.
“Nobody asked me what the token was or what it was going to be. Everybody just f**king threw out a number that they were ready to send me right away,” said Voshy. While he didn’t intend to take their money – or do a presale, he decided to make $GREED real.
It really seems like $GREED has no boundaries.
This is the real $GREED:
— Voshy (@voshy) May 6, 2023
Voshy then built up hype for $GREED on Twitter, dropping hints from time to time about a token that will be like no other. It would be bot-proof. It wouldn’t have insider allocations, nor presales. The token will be free.
Soon, meme coin traders shifted their attention to $GREED, listing it amongst those to watch.
Voshy’s Twitter following then inflated to nearly 33,000 as the hype for $GREED grew. To top it off, Voshy continued to tweet on the stupidity of the act of greed itself.
“I started retweeting and writing things along the lines of, ‘The only people getting rich from tokers are founders.’ ‘Be careful of your greed; Greed can consume you,’” he said. It didn’t work.
“People became way more bullish the more I s**t on it.”
Then came airdrop day.
GREED’s airdrop, and the aftermath
Voshy was building $GREED behind the scenes, alongside developers Marcos Collado Martín and Petar Podbreznicki, an employee of Voshy’s crypto consulting business, BlstCtrl.
In developing the token, it is imperative that the token has a freeze mechanism, which will prohibit holders from moving it out of its wallets – making speculation impossible.
The team behind $GREED also opted to add a little “scammy” flair to the token – to “make it look more red flaggy” to prevent them from buying the token. Some hopefuls eventually raised concerns about security, as they’d have to hand over certain critical Twitter permissions to obtain GREED.
Voshy said he was asked, “Why would I give you all these permissions? Would you give those permissions?’” His answer: “No, never.” but his warnings were not enough.
Instead, Voshy says that FOMO ended up getting the best of those wanting $GREED – but they ended up proving that they had it all along.
On Friday, speculators received an airdrop of 8,007,320,330 GREED – with a bonus of their individual Twitter accounts automatically tweeting a rather embarrassing message.
On top of that, Voshy ended up discovering some unlikely users who have succumbed to GREED. The Slope Finance Twitter account, a Solana mobile wallet service that went AWOL since last august after leaking critical information to hackers, apparently was used to claim $GREED. The account ended up posting Voshy’s message, but then ended up deleting it later.
Happy to let you all know that @slope_finance revoked twitter permissions from The $GREED Experiment.
Never doubted their security practices for a second.
They also deleted the tweet, so I'm attaching an image so everyone can see what happened. pic.twitter.com/ax34UadCyF
— Voshy (@voshy) May 13, 2023
While the experiment only ended in the forever loss of 120 SOL from bots who tried to game the system, Voshy’s working hard on warning traders about greed – and to revoke the permissions that $GREED token hopefuls set up.
“I always feel like if I have the chance to teach them about something, maybe at least few people benefit and I tend to think it’s worth it. And people were telling me that I’m going to get a lot of hate for this, and that people are never going to forgive me. So far, so good. Everybody f**king loves it.”
The best punchline of all? The amount of tokens airdropped – all 8,007,320,330 of them – is the phone number for the US Securities and Exchange Commission.