A veteran Bitcoin developer has ignited controversy after promoting a Joker-themed meme coin in exchange for $5,000, a move that triggered wild price swings and divided the crypto community.
Peter Todd, who contributed to Bitcoin’s early development, endorsed the “HAHA” Pump Fun token on X on Aug. 17.
His post read, “One bad day… one good pump. Laugh your way to the moon. #HAHA.”
Todd Discloses $5,000 Solana Payment For Meme Coin Promo
Todd later revealed he received $5,000 in Solana for the promotion, which he immediately converted into Bitcoin. He admitted he did not know who paid him, describing the source only as “some random twitter user.” He also explained he was not required to disclose the payment as an advertisement, but did so voluntarily.
“Marking paid advertisements with #Ad is a legal requirement in many countries. And it’s the honest thing to do. They didn’t negotiate an NDA on how much they paid. So there was no reason for me not to disclose that too,” he added.
The token surged by 1,500% to $0.00008 immediately after his post, only to collapse 95% minutes later in a classic rug pull seen across Pump Fun launches.
Within 24 hours, however, the coin staged a dramatic rebound, soaring nearly 3,900% to reach $0.0002, pushing its market cap to $225,000.
Speculation Links Todd To Bitcoin’s Mysterious Creator
Todd is no stranger to the crypto spotlight. He is best known for his contributions to Bitcoin Core, including writing the code that modified the OP_RETURN data carrier limit. Over the years, he has been one of the most outspoken developers in the space, often taking contrarian stances on scaling debates and industry trends.
The controversy over his latest move comes against a backdrop of longstanding speculation about his identity. In Cullen Hoback’s HBO documentary Money Electric: The Bitcoin Mystery, Todd was even named as a potential candidate for Satoshi Nakamoto, Bitcoin’s anonymous creator. It is a claim he firmly rejects.
Hoback’s case rested on Todd’s teenage experiments with digital currency and a disputed forum post from 2010, where he allegedly forgot to switch accounts between his own name and Satoshi’s.
The filmmaker also pointed to similarities in posting times, suggesting they mirrored an academic calendar. The theory, however, has been widely dismissed as speculative by most in the crypto community.
Reactions to Todd’s meme coin promotion were mixed. Critics accused him of lacking integrity, while others praised his blunt disclosure, calling it a “10/10” move.
Despite the uproar, Todd appeared unfazed. The polarizing response shows the uneasy balance between credibility and opportunism in crypto’s freewheeling culture.
The post Bitcoin OG Peter Todd Shills Low-Cap Meme Coin for $5K on X appeared first on Cryptonews.
