Crypto influencer Nick O’Neill has come under scrutiny after revealing that he intentionally sold a community created token after developers transferred 60 percent of its total supply to his wallet.
The situation has divided the crypto community. Some traders criticized his actions, while others argued he had no responsibility to support or promote a token launched without his knowledge or approval.
O’Neill Explains Decision to Sell
The controversy began after the Fibonacci account on X shared a clip from O’Neill’s Choose Rich Live show on YouTube. In the clip, O’Neill discussed The Black Bull, a token named after crypto influencer Ansem.
He noted that ANSEM had climbed 40 percent and reached a market cap of more than $120 million after Ansem hinted at weekly airdrops. O’Neill also highlighted that Ansem reportedly controlled 60 to 65 percent of the token supply and fees through a public wallet valued at around $50 million.
Despite the token’s growth, O’Neill expressed doubts about its long term sustainability. He pointed to bearish chart patterns and weakening buyer interest, suggesting the token could struggle to maintain momentum.
In a now deleted post, someone suggested O’Neill could also benefit greatly if he controlled a similar percentage of a token’s supply. Responding before the post was removed, he admitted that such a scenario would be highly profitable.
However, he later made his position clear to his nearly 286,000 followers on X, stating that he would not support any token created in his name except the original RICH meme coin.
O’Neill stated that he would sell any token launched using his name unless it was the original RICH token. He also revealed that he had already sold another token recently.
After criticism intensified, O’Neill clarified that the token in question, called I Choose Rich Everytime, was independently created and distributed before a large share was sent directly to him.
The team behind the token, operating under the name Reserve, accused him of quickly selling the tokens after receiving them. O’Neill did not deny this. Instead, he argued there was no reason to support another community made token when an existing cryptocurrency already represented his brand.
He added that if he truly wanted to launch a token, he would handle the process himself rather than rely on unknown third parties.
Comparisons to ANSEM Fuel Debate
Some supporters encouraged O’Neill to embrace the token, believing it could achieve success similar to ANSEM. Others defended his decision, arguing he had every right to sell the tokens since he had never agreed to endorse or promote them.
One supporter compared the situation to receiving free company shares. Since O’Neill made no promises regarding the asset, they argued he was free to sell at any time.
Meanwhile, recent reports from CryptoPotato revealed that the creator of The Black Bull transferred 650 million tokens, worth roughly $71 million at the time, directly to Ansem’s wallet at no cost while personally taking only $5,500.
According to on chain analysts, this distribution pattern raised concerns about a possible coordinated promotional strategy. Market watchdogs, including Rugcheck, also warned that concentrated ownership increased the risk of price manipulation.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
