A token called MYTH22 was created on the Binance Smart Chain network to allegedly support the re-election candidacy of Jair Bolsonaro (PL-RJ), in violation of Brazilian electoral law.
The website “www.mito22.com” makes it clear that the purpose of the creation, made by two Brazilians who call themselves soldiers, is to support the election of Bolsonaro in 2022. election, which is not yet official.
On the website, the creators claim to be defenders of the family, morality and life, against communists and with the aim of “chasing away leftists”. According to the website, an online platform will be launched for the sale of caps, shirts and other items purchased exclusively with the token.
On cryptocurrencies, Jair Bolsonaro has already stated that he knows nothing about them, just like 99% of the Brazilian population.
‘MITO22’ Token Could Violate Election Law, Says TSE Rules
The year 2021 saw the creation of meme cryptocurrencies, or meme tokens, flourish, with some of them without a concrete case of application. In other words, they are projects set up by anonymous people that raise funds and can put investors’ assets at risk.
However, it is unclear whether this is the case, MITO22, created with 22 million units as a token by the BscScan network. With 232 wallets holding units of the token, 87% of the coin is concentrated in just two addresses, one associated with PancakeSwap, a decentralized exchange on this network.
According to an investigation by Estadão with the TSE, the Superior Electoral Court is not aware of the token and has ruled that donations in cryptocurrencies are prohibited in Brazil. In addition, any funds to be received by candidates cannot be sent until the second half of May.
Neither the Planalto Palace nor Bolsonaro’s party, the PL, commented on the matter in the report it published on the establishment.
Technology risks of this token
Creating a token can be done in minutes and the process of listing on an exchange like PancakeSwap is open to anyone with technical knowledge as it is not up to the exchange to list.
That is, it is not because the token uses the image of the president and is in a brokerage that it has guarantees. Estadão spoke to those responsible for the project, who declined to be identified, claiming that this alone is not a guarantee of trust.
all the live coins spoke to smart contract specialist Gustavo Toledo, who when analyzing the token’s technology said it is common, with no evidence of the presence of programming risks, such as rugpull or honeypot.
In addition, he let it be known that this is clearly configured as a meme token, projects that don’t want to have a lot of technical foundation.
“The proposal is clear that the money raised from the sale will be to sell Bolsonaro’s stuff on the website and does not promise a profit.”
However, the token allows its creators to increase transaction fees over the network, which is an issue that, if activated, could penalize holders of ‘MITO22’. Another danger that could arise if creators wanted to is an address blocking mechanism, that is, they can censor owner-users if they want to.
The developers also have a Telegram group with more than 30,000 subscribers used for communication. On Twitter you can post a projeto of more recent more recent and newer posts, além de seguir apenas os perfis de Jair, Carlos e Eduardo Bolsonaro, além de Elon Musk, CEO of Tesla.
Myth token, our launch is on 05/03 #cryptocurrency #bolsonaro # cryptocurrencies pic.twitter.com/jvBFTDLqIq
— Myth22official (@myth22official) February 22, 2022
In an increasingly sophisticated investor-scam market, the birth of another project linked to a public figure and in an election year is something completely open to mistrust, and those interested in the matter should be careful with promises .
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
