The Pirate Bay has been both an early adopter and a pioneer when it comes to cryptocurrencies.
(Update, there’s now a statement posted on The Pirate Bay, posted in full at the bottom of this article)
More than eight years ago the torrent site added support for Bitcoin donations, with Litecoin and Monero following later.
TPB Promotes PirateToken
This week, we can add another cryptocurrency-related development to this list. After suffering three days of downtime The Pirate Bay came back online yesterday, with a small twist. The homepage now features a PancakeSwap icon hovering over the iconic pirate ship logo.
Both images are linked to PancakeSwap, a decentralized exchange where people can trade cryptocurrencies from user-generated liquidity pools. In this case, Pirate Bay users are linked to a page where they can buy the previously unknown PirateToken (TPB).
In a time where cryptocurrencies are all the rage, some people may be eager to jump on this offer, but this isn’t without risk. At the time of writing, there is no background information on the purpose of the coin and The Pirate Bay hasn’t made an official announcement either.
Just an Ad?
In fact, it’s not even clear if this PirateToken is controlled by the TPB team. In the past, the site’s operator has temporarily sold the main logo space for advertising purposes, which certainly is an option here as well.
TorrentFreak reached out to our contact close to the site to gather more info, but thus far we have yet to hear back.
What we do know is that the PirateToken was released just recently and that a single wallet owned all coins. There are 100 million coins available and unlocked, which are constantly being dumped.
Despite the lack of information, there are already buyers. In less than a day, the number of TPB coin holders exceeded 200. Tens of thousands of coins were sold but the original creator still controls and owns more than 99.9% of all tokens.
$800 Million Market Cap
The PirateToken price varies. Yesterday a Reddit user reportedly paid $15 per coin and they currently sell for $8. That translates to a market cap of $800 million. However, that could easily drop to 0 in the future.
Again, we have no confirmation that this is an official Pirate Bay project. Anyone can easily create their own token and the PancakeSwap site actively warns people that its interface can “load arbitrary tokens by token addresses.”
For what it’s worth, we’re not buying any PirateTokens and wouldn’t recommend people to do so. Unless they have too much money and fancy extreme gambling.
The Chain Bulletin notes that this could very well be a ‘rugpull’. This means that the creator of the token may eventually pull the rug and abandon the project. After cashing in of course. Proceed with caution, and then some.
Update: There’s now an official statement on the Pirate Bay website about the token, posted in full below.
“What is this? Much wow? The ultimate rugpull?
It’s a soft launch to a new thing we want to try and we have many ideas
– Donate to uploaders
– Donate to moderators
– Direct video streaming through partners
– VIP content
– Member logins based on BSC address
– File hosting through partners
Much Ideas. Much Wow. So Great.
It will take time but we’ll get there hopefully. In the meanwhile we’ll lock more and more liquidity”
