False reports about the death of internet-famous 14-year-old rapper Lil Tay have sparked a surprising reaction in the crypto world. An unofficial crypto token called “LilTay” has emerged on the BNB Chain, coinciding with the development of an Ethereum-based “Liltay Token” by her ex-manager, Harry Tsang.
Although Lil Tay’s BNB Chain version of the token has a limited supply of just over 100 tokens and has yet to be traded, there are speculations about the team behind the token. Some believe that opportunistic crypto enthusiasts may have tried to capitalize on the media hype surrounding the alleged death or pay tribute to the young influencer. On the other hand, Harry Tsang claims that the upcoming Ethereum token is unrelated to the BNB Chain version and it is uncertain whether Lil Tay herself is involved with the Ethereum token.
Interestingly, the project’s Twitter account has been sharing development updates for months prior to the fake death scandal. This indicates that the token had been in the works before the unfortunate news of Lil Tay’s alleged death.
The controversy surrounding Lil Tay erupted when her official Instagram account, under her real name Tay Tien, posted a now-deleted message claiming her death alongside her brother. However, Lil Tay quickly clarified the situation in a statement to TMZ, revealing that she and her brother were alive and well. She attributed the spread of misinformation to a third-party compromise of her Instagram account.
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Harry Tsang has denied the official launch of the LilTay token on the BNB Chain, referring to the Etherscan blockchain explorer and the token page on the verification platform Assure DeFi. The Twitter account associated with the Liltay Token, launched by Tsang, also cautioned followers about potential scammers taking advantage of the situation. The account warned fans against falling victim to scams involving money transactions related to $LilTay.
Creating tokens or meme coins inspired by celebrities or real-world events is not uncommon in the cryptocurrency space. For example, after PayPal announced the launch of its PYUSD Stablecoin, fake PYUSD tokens flooded the Ethereum blockchain. Another meme coin called BALD, believed to be associated with FTX founder Sam Bankman-Fried, recently inflicted significant losses on investors after its value dropped to zero. These incidents underscore the dangers of scam tokens and the importance of investors exercising caution.
Meme coins, like Dogecoin (DOGE), have gained immense popularity in the crypto space due to their massive potential. Dogecoin, which started as a joke based on the beloved Shiba Inu-themed Doge meme, has become one of the most valuable cryptocurrencies in terms of total market capitalization, offering triple-digit returns for early investors.
In conclusion, the false reports regarding Lil Tay’s death have led to the creation of an unofficial crypto token named “LilTay” on the BNB Chain. Simultaneously, her ex-manager, Harry Tsang, has been developing an Ethereum-based “Liltay Token.” The tokens have generated speculation about their origins and purpose, with some theorists suggesting opportunistic crypto enthusiasts taking advantage of the media hype. However, it remains uncertain whether Lil Tay herself is involved with these tokens. The incident highlights the prevalence of scam tokens in the crypto space and the need for investors to exercise caution. Meme coins, like Dogecoin, continue to attract attention and offer significant potential for returns.
