Bitcoin developer Peter Todd has drawn criticism after promoting a low-capitalization meme coin on X, formerly Twitter, for a reported $5,000. The post, which Todd disclosed was a paid advertisement, caused significant price volatility for the token.
The crypto community was divided, and wild price swings were provoked by a veteran Bitcoin developer’s promotion of a Joker-themed meme coin in exchange for $5,000, igniting controversy.
On August 17, Peter Todd, who played a role in the early development of Bitcoin, supported the “HAHA” Pump Fun token on X.
“One bad day…one good pump,” read his post. Laugh your path to the moon. “#HAHA.”
Todd Discloses $5,000 Solana Payment For Meme Coin Promo
Todd subsequently disclosed that he received $5,000 in Solana for the promotion, which he promptly converted into Bitcoin. He acknowledged that he was unaware of the source of the payment, referring to it as “some random Twitter user.” He also clarified that he was not obligated to disclose the payment as an advertisement, but he did so voluntarily.
Marking paid advertisements with the hashtag #Ad is a legal requirement in numerous countries. It is also the truthful course of action. They did not negotiate an NDA regarding the amount of money they paid. Therefore, there was no justification for me not disclosing that information either,” he concluded.
Immediately following his post, the token experienced a 1,500% increase to $0.00008, only to collapse by 95% minutes later in a classic rug pull observed across various Pump Fun launches.
Nevertheless, the coin experienced a remarkable recovery within 24 hours, surging nearly 3,900% to $0.0002, increasing its market capitalization to $225,000.
Todd Is Connected to the Mysterious Creator of Bitcoin, According to Speculation
Todd is no stranger to the crypto spotlight. He is most renowned for his contributions to Bitcoin Core, which include the coding that altered the OP_RETURN data carrier limit.
Over the years, he has been one of the most vocal developers in the industry, frequently adopting contrarian perspectives on industry trends and scaling debates.
The controversy surrounding his most recent action is set against persistent rumors regarding his identity. Cullen Hoback’s HBO documentary Money Electric: The Bitcoin Mystery even identified Todd as a potential candidate for Satoshi Nakamoto, the anonymous creator of Bitcoin. He categorically denies this assertion.
Todd’s teenage experiments with digital currency and a disputed forum post in 2010 founded Hoback’s case. Todd allegedly neglected to switch accounts between his identity and Satoshi’s.
The filmmaker also identified similarities in the posting times, implying that they indicated an academic calendar. Nevertheless, most crypto communities have dismissed the theory as speculative.
Mixed responses were received in response to Todd’s meme coin promotion. Critics accused him of lacking integrity, while others commended his candid disclosure, describing it as a “10/10” move.
Todd maintained his composure amid the controversy. The polarizing response demonstrates the precarious equilibrium between credibility and opportunism in the free-spirited culture of cryptocurrency.