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Risitas the sugar admin comes clean about his exchange scam.

00:00 - 00:05 Friend comes to me and says "Risitas, we need to make money now"

00:05 - 00:07 "hurry hurry before the bears come"

00:07 - 00:10 So we create a shitcoin named Sugar

00:11 - 00:16 We set up a badly designed webpage and airdrop out some tokens

00:17 - 00:21 It gets listed on coinexchange and pumps

00:21 - 00:24 We dump our tokens at $1

00:29 - 00:31 $1

00:31 - 00:34 We then get community members to become admins for us without paying them

00:38 - 00:40 Its true

00:41 - 00:47 Shitcoin Sherpa was one of them and he has his own channel where he exposes scamcoins

00:47 - 00:50 And he kept telling everyone how great Sugar is

00:50 - 00:56 Posting emails from modulus to prove to everyone it was a real exchange

00:58 - 00:59 We made over $1mn from people believing him

00:59 - 01:01 I was able to pay off the mortgage and buy a boat

01:04 - 01:06 And they were getting paid nothing from it

01:06 - 01:08 I couldn't keep a straight face in the telegram group

01:13 - 01:14 Over $1

01:14 - 01:16 They kept buying as we were dumping

01:16 - 01:20 We sold about 10 mn tokens into them

01:21 - 01:27 And they thought they were going to be driving their lambos to the moon and back

01:35 - 01:36 You couldn't make this stuff up

01:36 - 01:39 I was going to buy myself an island from it

01:41 - 01:44 But then, they started asking questions in the telegram group

01:44 - 01:47 "when is beta, when is launch, when team reveal"

01:47 - 01:49 We told them next week

01:50 - 01:53 They we delayed it

01:54 - 01:56 And they still bought them

01:56 - 01:58 They put my kids through college

01:58 - 02:02 Paid for the mortgage, paid for the boat, free education and still loads left over

02:05 - 02:07 $1

02:10 - 02:11 We said it

02:11 - 02:13 We said it was

02:15 - 02:17 We said it was for security reasons

02:17 - 02:20 and blamed it on a canadian exchange kidnap attempt

02:21 - 02:28 And we paid Ahmed to come in and pretend he was a billionaire investor and tell everyone it was going to $22 by next year

02:29 - 02:30 And they still bought it?

02:30 - 02:32 They bought it back up to $1

02:36 - 02:39 I didnt know people could be so stupid

02:40 - 02:42 But we had a whole group of them

02:50 - 02:55 I almost felt sorry for them as we were dumping our tokens

02:56 - 02:58 And do you think you will ever release the exchange?

02:58 - 03:04 Look we were going to build one, but we ran into some compliance and legal issues

03:04 - 03:09 so the exchange can't be built as we have no money

03:09 - 03:11 the tokens are worthless now

03:16 - 03:20 We still have 2mn tokens left to sell

03:23 - 03:26 So we'll tell them we will launch the exchange in Q2