Virtual Currency Based on Chinese “Second Uncle” Video Crashes
A video has gone viral on Chinese social media recently, telling the inspiring story of a resilient villager who became disabled as a teenager. Meanwhile, a related virtual currency called “second uncle coin” (SUC) was released on July 28, then experienced a price crash on July 31.
This 11-minute video reviews the ordinary and wonderful life of a “second uncle” (二舅). The man was intelligent since his childhood, but gave up his studies because of a disability caused by the mistake of a village doctor. He then taught himself carpentry in his teens. Since then, he started his career as a carpenter to support his mother and adopted daughter. He often worked as a repairman for the villagers, and has always been optimistic about his difficult life.
On July 28, a user nicknamed “second uncle dao” posted on Twitter that it is difficult for one person’s strength to fight against fate, but the strength of a group of people can help the second uncle get out of trouble. A group of caring people aiming to help the man then launched the second uncle dao through blockchain, with all profits to be donated to the second uncle. The Twitter user also attached the contract address of the virtual currency at the end of the tweet.
This user registered his account in June this year, and most of his tweets are related to the second uncle coin (SUC).
On the evening of July 28, a netizen nicknamed WhoCareNews issued a post questioning the SUC, saying that Iketrinia Rais, a security expert, found that a “rug pull” happened in SUC. A rug pull in the crypto industry is when a development team suddenly abandons a project and sells or removes all its liquidity. The total profit of this fraud incident is as high as $1.3 million, WhoCareNews added. Second uncle dao denied the rug pull rumor on July 30.
Top100Token, a virtual currency information website, also shows the current issuance trend of the SUC. According to the website, SUC is a “Newborn” Token which was created recently on Binance Smart Chain (BSC). Top100Token’s page about SUC has been automatically generated based on publicly available information.
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It is worth noting that the website reminds investors: “Our smart-contract analysis finds this Token very similar for common scam tokens. Make sure you fully understand the risks associated with trading this token!” According to Top100Token’s data, the current market value of the SUC is $468,200, and the price of each coin is $0.000000004682. The last huge fluctuation happened in the early morning of July 31. The currency’s value has sharply declined in the past two trading days, falling from its peak to only one tenth of its previous value.