I can't believe it!
Considering how careful I normally am, I fell for this scam and lost alot of money! (At least to me anyway)
So instead of just saying "oh well" I'm letting as many people know about it as I can. I've also reported it to several Enternet crime/scam websites but I doubt they'll do anything.
It's a pump and Dump Cyrpto Scam. What does that mean?
The fraudsters buy up stock, usually choosing a cheap “penny stock.”The fraudsters start spreading the word about the “promising” stock, aiming to “pump” up the stock and get people excited about potential gains on a supposedly limited-time offer.Investors start pouring money into the investment and the price starts to rise.The fraudsters start the next round of “pumping” the stock—sometimes even with made-up press releases or expert statements—and point to the rising price as evidence of its performance, which falsely inflates the price even more.The fraudsters keep it up until eventually “dumping” their shares for a huge profit and leaving investors scrambling to get rid of worthless stock as the price plummets."
If you could be bothered to read that, this particular scam actually admits all of the above and has nothing to hide. There's even a video within the group showing you exactly how it works.
However this is like a scam within a scam which makes identifying it harder.
The alarm bells should of rung when the deposit was a very high minimum but I know legit sites can be like that so I continued. (Like Nexo for example. Minimim deposit in £££ is £1000! And that's not a scam. The site in question is this:
Anyway, the idea is when the coin gets pumped (goes up in Value) and gets to the peak, anyone within the group sells and therefore makes a profit.
There's even a fake transmition of "previous" events. I don't know how they do it but the dates were a week or two before I saw it. These are the "updates/notifications"
Looks convincing right? Here's what I saw for the current week.
But then the channel goes silent. No announcements, no push notifications. Nothing.
However when you then go to withdraw you can't because the minimum is higher than what you have in there. So I thought, "I know I'll just top it up to the minimum withdrawal and then withdraw." I was only $10 off.
But nope, there's a minimum to top up. So if you need to top up $10, the tough its $200:-(
But thank god I didn't deposit the "recommended" amount.
The group is called Whales Pump and it's on Discord.
Either do not accept it or accept it, then report and block the group.
The person who in rhe feed is called chris. (Probably a fake name)
Unfortunately "Chris" didn't reply to my message.
As mentioned before, I've reported it to several enternet crime investigation sites. I just hope they're not scams as well! The enternet really is a scary place sometimes.
All in all if I had the power and knowledge to, I'd hunt these people down and kill them but sadly that's seen as "over the top". I really don't think it is. Afterall I'd be doing the world a favour.
You see my philosophy is kind of like the Punisher's. If you don't know who he is then perhaps i'll do a seperate post. But basically he puts crimanals down...perminantly.
Anyway, look out for this scam on Discord. Block and report it. Don't be a victim like I was.
Can't believe I was so stupid!
