Bartool Sports founder David Portnoy has landed in hot water after discussing recent memecoin trades on his X account, which boasts over 3.5 million followers.
Portnoy began by trading a coin styled after a contestant on the Spanish reality show La Isla De Las Tentaciones, called "Montoya por favor."
"Uh oh. Davey learned how to trade shitcoin and is already up a billion percent on my 1st one!!!!!!" Portnoy wrote on X Friday. The token reached a market cap high of nearly $14 million before crashing to its current $1 million market cap.
"I think I can make a million...on Josh Allen MVP coin," Portnoy also wrote on Friday, referring to a memecoin styled after Buffalo Bills quarterback Josh Allen. "Buy at your own risk. I just bought it. I’m gonna sell it. Don’t buy what ya can’t lose."
The memecoin quickly rocketed to a market cap of over $12 million before it likewise crashed. Its market cap is now around $58,000.
Portnoy's trades led to backlash from crypto traders who accused the media mogul of dumping on his 3.5 million followers, while Portnoy has defended his actions as open and transparent.
In a series of videos on Friday, Portnoy responded to the complaints, defending his behavior. "I turned like 10 grand total into like 75 grand...I don't even know what I'm doing with my life," Portnoy said. "Do you go to jail for this? Can I not do this?"
Then, on Saturday, Portnoy doubled down by promoting the "JAILSTOOL" token in posts and on an X space on Saturday. "I may dump it eventually but I’ll let all you righteous losers dump on each other first," Portnoy wrote. "So don’t put in more than you can lose."
"This isn't my end-game coin, this is something just to watch and see how it goes," Portnoy said on the X space.
Portnoy has engaged with crypto in the past, notably to promote the Safemoon cryptocurrency whose founders were accused by the SEC of market manipulation and fraud. "Im only guy who loses all his money in [Safemoon] and gets sued for it," Portnoy has said.
Portnoy previously live-streamed himself day trading cryptocurrencies in 2020. "The thing I like about pump and dumps in crypto is it's encouraged," he said at the time. "I don't do that in the stock market because those little SEC guys, SEC little mice that run around and pump and dump and Dan David — I don't do the scumbag shit. But in crypto, you can pump and dump all day long, so I'm not going to tell you what I'm going to do until I do it."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
