From beincrypto by Lockridge Okoth
Dave Portnoy, the outspoken founder of Barstool Sports, is no stranger to controversy. This time, his foray into the meme coin sector has left a trail of financial wreckage and confusion.
The case adds to the flurry of controversies around new token launches, drawing debates about ethics in crypto trading.
It started with Portnoy’s launch of GREED, a meme coin he promoted as a collectible token. According to on-chain analyst Lookonchain, Portnoy purchased 357.92 million GREED tokens, representing 35.79% of the total supply.
Then, in one swift move, he sold his entire holding, causing the price of GREED to plummet by 99%. Despite the market crash, Portnoy walked away with a profit of approximately $258,000.
While Portnoy cashed out, others were less fortunate. One investor lost $101,000 in three hours, purchasing GREED with 911 SOL (worth $153,000) before selling for 309 SOL ($52,000) amid the price collapse.
“Dave Portnoy’s sell-off caused this guy to lose $101K on Greed in 3 hours! This guy spent 911 SOL ($153K) to buy Greed, and sold it for 309 SOL ($52K), losing 602 SOL ($101K),” Lookonchain reported.
The rapid devaluation raised questions about market manipulation and the ethics of holding a significant portion of the token’s supply.
Meanwhile, this is not Portnoy’s first brush with crypto drama. Just days before launching GREED, he was embroiled in the LIBRA meme coin scandal. Reportedly, Portnoy was offered over 6 million LIBRA tokens pre-launch but returned them upon learning he could not disclose his involvement.
“Dave Portnoy revealed he was offered over 6 million LIBRA tokens pre-launch However, he sent them back after being told he could not disclose receiving them. There are likely dozens of influencers who accepted tokens without disclosure. He is the only one who came forward,” BlockNews revealed on X.
He remains one of the few influencers to admit being approached with undisclosed tokens, sparking speculation about other influencers who may have secretly taken the deal.
Unfazed by the backlash, Portnoy launched GREED2, securing 268.25 million tokens, or 26.8% of the total supply.