With four days to go before the second round of the election that will decide the future president of Brazil, Renan, the youngest son of Jair Bolsonaro, launched his own metaverse called Myla, which he promotes as an ambassador on social networks and is a partner, according to the company that created the project.
The metaverse, which encompasses a game based on NFTs and its own cryptocurrency called MYLA, has already raised at least BRL 266,000 since Wednesday (26), when the token began to be sold.
Wanted, the game team told the Bitcoin Portal that 532 people have already acquired the cryptocurrency whose minimum purchase is R$ 500. To attract the lay public of cryptocurrencies, the pix was used as a payment method.
This group of alleged buyers doesn’t even have the cryptocurrency in their wallet, as the distribution will only happen in the future. In fact, sales started before cryptocurrency even existed. On-chain data checked by the report shows that the MYLA smart contract (0xd…c884) was created on Thursday afternoon (27).
As a consequence, users cannot check on the BNB Chain — the blockchain where MYLA was built — whether they have the token or not, only the website’s internal system gives some kind of guarantee that they will receive these tokens in the future.
Renan Bolsonaro’s metaverse
The game, which uses Renan Bolsonaro as a poster boy, also promotes the family’s political struggle. In it, the “good” characters represented by Jair Bolsonaro and his youngest son, in addition to Fernando Holiday and Donald Trump, fight the enemies of the “red” team, who walk “like zombies” trying to attack them.
Among the enemy characters is Alexandre de Moraes, minister of the Federal Supreme Court (STF). His character, nicknamed “Glande”, is defined as “a multifaceted villain” and “usurper of power”.Minister of the STF is the villain of Renan Bolsonaro’s game (Source: Myla)
Although there are already many similar games, Bolsonaro’s son defined the project as the “first metaverse of Brazil” when announcing it on Instagram.
Recently launched, the MYLA cryptocurrency has no liquidity that gives it market value and not even an audit that guarantees its safety.
When checking the currency on ApeSpace, a platform that performs an automatic analysis of smart contracts of standard BEP-20 tokens, two security alerts are immediately pointed out.
The first is the fact that the token has no relinquished ownership, i.e. a person has full control over the contract. Another warning is that there is no permanent ownership of the asset, which means it is possible to assign a new owner with privileges to change the structure of the cryptocurrency.
“The contract contains ownership functionality, which can allow the current owner to modify the behavior of the contract (for example: deactivate the sale, change rates or create new tokens)”, also points out the analysis of Token Sniffer, a platform that seeks malicious lines of code into tokens.
On the website, the MYLA rating is 0/100. Token Sniffer also indicates that the token sale rate is greater than 5% as a problem. “Excessive fees are often sold for profit, which can negatively affect the price of the token.”
Tokenomics described in the whitepaper, which gives more details about the cryptocurrency, also has red flags. The supply of 100 million MYLA tokens is split in such a way that the project’s creators control virtually 90% of the coin’s supply.
Community access has only 11% of tokens sold in the seed phase and 1% of airdrops, with use for the game.
The concentration of tokens in a few hands opens the door to pump and dump schemes, a scam in which the creators of a project spread false information or use famous people to convince people to buy an asset and make its price rise, then dump it. them in the market and make a profit at the expense of other investors.
This is the engine behind a significant part of unfounded cryptocurrencies launched on the market, the famous shitcoinswhich, among other features, is the promise of appreciation.
This type of strategy also exists in MYLA. In the Pitch Deck released on the project’s Telegram group, which already has more than 550 members, the game compares itself with The Sandbox — the most popular metaverse on the market along with Decentraland — to simulate a supposed ability of the token to value more than 636x.
O Bitcoin Portal asked the game’s staff about this promise of appreciation, but they didn’t give details of how the calculation was done to arrive at that number.
“The value is an example based on the current market, if it continues and the project attracts many investors. With global adoption, this token can have an even greater appreciation, these are just numbers to show the long-term appreciation potential”, guarantees the team.
Who is behind Myla
In addition to Renan Bolsonaro, the Myla website points to six other people involved. All with little experience in the crypto market.
The Linkedin of Pedro Henrique Caetano, appointed as CEO of Myla, does not show any professional experience. Through Caetano’s Facebook, it was possible to discover that until two years ago, he worked with screen printing. Before that, he worked with the manufacture of custom plates.
Myla’s website paints a different picture, presenting the CEO as something of a metaverse visionary:
“Myla was conceived by Pedro Henrique, CEO of Myla, three years ago with just a dream. Due to the lack of qualified manpower, since Metaverse was still a completely unknown term, Pedro met Utility Labs, an incubator of Web2 and Web3 projects, in which he made the dream come true and the project could be done with excellence and by hand. of qualified work.”
Utility Labs, therefore, is the Myla developer company. The company’s LinkedIn page shows that it was created in November last year and has João Budoia as CEO. He defines himself as a businessman and family farmer from Mato Grosso, who “abandoned the courses in Agronomy and Agribusiness Management to undertake the gastronomic field, and his mobile steakhouse was a success”.
It is also Utility Labs that funds the Myla project, according to the game’s team when asked about the origin of the funds to launch the project.
Who is Bolsonaro’s son’s partner
When sales of the MYLA token began on Wednesday, the user who purchased via pix transferred the money to a Utility Labs bank account.
The company’s CNPJ at the Federal Revenue shows that it was opened in early September of this year in Florianópolis (SC), declaring a share capital of R$ 10,000.
Who appears as managing partner of the company is Ericris Souza da Silva, who has already created — and abandoned — another cryptocurrency, linked to agribusiness, called AgroCash X. He is also behind the creation of other tokens by Utility Labs, called Texas Protocol and E-agro.
Silva, whose company is now funding a game in support of Jair Bolsonaro, has been accused of committing an electoral crime in the past.
In the 2016 municipal elections, the businessman was arrested in the act in front of a school in Rondonópolis (MT) transporting voters to the polling place, “with the clear purpose of enticing voters and getting votes for the denounced ‘Pastor Erlan’”, describes the prosecution’s complaint.
The MP also adds that at the time of the arrest, Silva would have defied the military police and the Electoral Justice assistant – earning him another indictment for contempt – while a second pastor who participated in the scheme fled the scene with voters still inside the car.
Pastor Erlan was not elected, but his party’s mayoral candidate, Zé Carlos do Pátio (Solidariedade), won that year’s elections, guaranteeing Silva a commissioned position in the mayor’s office for the next three years, until he was dismissed in 2020 and start your venture in the cryptocurrency market.
Wanted by the report, Ericris did not respond until the publication of this text.