Kraken criticized for Dave Portnoy sponsorship after token pump and dumps
Crypto exchange Kraken is under fire for letting controversial Barstool Sports founder Dave Portnoy “shit on its reputation” after he launched a number of memecoins that all crashed over 99%.
Throughout February, Portnoy has promoted a number of coins that have rocketed, crashed, and made thousands of dollars in the process. Among these is a token with the ticker JAILSTOOL, which he is now committed to holding after previously claiming to have sold it all by accident while using the toilet.
He’s currently getting flak for launching the tokens GREED and GREED 2. Lookonchain notes that he held 35.79% of the GREED supply and sold it in one transaction, causing it to crash 99%. He reportedly made over $250,000.
Users on X claim Portnoy “is taking a giant shit on Kraken’s reputation and they’re just sitting there doing nothing.”
NFT trader @Tyler_Did_It said, “How long is Kraken going to keep sponsoring Dave Portnoy while he openly mocks the space on a daily basis?”
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“Hey @krakenfx curious how long you’re going to continue sponsoring Dave Portnoy and his daily pump and dumps for,” another asked.
Crypto sleuth ZachXBT also agreed that Portnoy’s behavior isn’t a good look for Kraken. He said, “To launch multiple memecoins, saying you are not going to sell, and then selling right after is worse than what CT native influencers like CryptoGodJohn or SZ ever did.”
Portnoy defends his memecoin pump and dumps
On a Kraken-sponsored livestream on Wednesday, Portnoy claimed that people are “cashing out left and right,” but not him. He said, “All you internet sleuths get on my wallets, it’s all connected to Kraken.”
Read more: LIBRA co-founder ‘can’t remember’ sending texts about Javier Milei’s sister
He adds that he could’ve made another $200,000 on GREED 2 and that, “The only thing that drives me nuts about this world is the crying.”
In response to Lookonchain’s analysis of GREED and GREED 2, he said, “I let it drop 75% before cashing out. Lots of people made money. I took the profits and poured it into #jailstool which I can’t touch.”
He signed off with, “I didn’t make a dime on it. Some people won. Some lost. Only the losers keep bitching.”
Protos has reached out to Kraken for comment on Portnoy’s memecoin launches.
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