Hoax news regarding the death of internet-famous 14-year-old rapper Lil Tay led to the launch of an unofficial crypto token named “LilTay” on BNB Chain.

The launch of the token coincides with the launch of the Ethereum-based “Liltay Token” created by his former manager Harry Tsang.

The LilTay token on BNB Chain has a limited quantity of just over 100 and is not yet tradable.

Although there are various allegations about the team behind Token, some think that this is an opportunistic move that wants to benefit from the death news circulating in the media or to show respect for the young phenomenon.

On the other hand, Tsang stated that the planned Ethereum token has no relation to the BNB Chain version.

It is also unclear whether Lil Tay has a direct relationship with the Ethereum-based token.

But the project's Twitter account had been sharing development updates months before the false death claims.

Last week, a now-deleted post was made on the official Instagram account of Lil Tay, whose real name is Tay Tien, claiming to have been made by her brother, stating that Lil Tay had died.

He later made a statement to TMZ, stating that both he and his brother were alive and well, and explained that the misleading information was spread because his Instagram account was hacked by a third party.

Tsang Denies BNB Launch and Calls Other Tokens Scams

Tsang emphasized that there has been no official launch on BNB Chain and cited the Etherscan blockchain browser and the token page on the Assure DeFi verification platform as examples.

Tsang's Twitter account, which created the Liltay Token, warned its followers against possible fraud attempts and informed them to protect themselves from fake token transfers called $LilTay.

“We are sharing this to let everyone know that we are not planning to launch anything in the near future,” the account tweeted on Thursday. “We have been in the development process for the last 4-5 months,” he said.

“If someone is claiming to be associated with $LilTay by requesting money from you, that is not true. “If you see any other token or cryptocurrency bearing the name ‘Liltay’, it is definitely a scam.”

The trend of creating tokens or meme coins inspired by celebrities or real-life events is not new in the crypto industry.

For example, after PayPal announced the launch of its PYUSD Stablecoin, fake PYUSD tokens quickly spread across the Ethereum blockchain.

In a similar incident, the meme coin BALD, associated with FTX founder Sam Bankman-Fried, dropped in value to zero, causing many investors to lose a large amount of money.

Such incidents reveal how careful investors should be about fake tokens.

Meme coins such as Dogecoin (DOGE) have gained immense popularity in the crypto industry. This is partly due to the potential size of such coins.

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