Degen Protocol collapses, GOAT token Ponzi reboot
Degen Protocol’s original SH33P token Ponzi scheme has collapsed. In its place Degen Protocol has rebooted with GOAT token.
Introducing the majestic GOAT Token, a true champion of the crypto wilderness, residing on the rugged terrain of Pulsechain.
If that all sounds incredibly stupid to you, it’s because it is.
Degen Protocol is headed up by “a$$hole in charge” Christopher Mason, aka Crypto Blacksheep.
Mason is a middle-aged crypto bro who livestreams regularly on YouTube from what appears to be his kitchen.
According to his Linkedin profile, Mason, a former assembly line worker, is based out of Kansas. It’s unclear whether this is still accurate though.
As per Degen Protocol’s “GoatPaper”, GOAT token was created on Pulsechain.
Pulsechain is owned by Richard Schueler, aka Richard Heart.
The SEC sued Schueler for securities fraud in July 2023. Schueler stands accused of misappropriating “at least $12 million” through his various cryptocurrency schemes.
Degen Protocol’s GOAT token is a repeat of its SH33P Ponzi scheme.
This remarkable token not only climbs the heights of value but also leaps into action with unparalleled fairness, thanks to its mechanism promise of a lifetime filled with frictionless, passive rewards.
Degen Protocol investors invest DAI and receive GOAT tokens. Mason and early Degen Protocol investors steal invested DAI, with whatever is left paid out to later investors.
There’s also some “validator” NFT Ponzi nonsense attached.
Users buy NFTs for 500k PLS each. The PLS from minted NFTs goes to the protocol reserve, ready to be turned into validator stakes once a threshold of 32M PLS is met.
Something something invest 500,000 PLS, wait for 32 million PLS to be invested and steal money.
This time around there doesn’t appear to be an MLM component to Degen Protocol, hence no formal review.
Other than documenting GOAT’s inevitable collapse, we’re otherwise leaving it there.