Cryptocurrency scam: when the police infiltrate a Pump and Dump gang


Ah, the pump and dump! This art of living to crypto, this good-natured atmosphere between informed people who bring in fresh, innocent but greedy flesh in search of stupid returns, this carelessness which would make the followers of the exploded white list and the rotten OHM fork green with envy… You will have understood it , it’s all a folklore! And if you’ve been here for a few years, you may have even already known the heyday of the flights of the late John McAfee and his legendary Coin of the Day, not far from the same mechanics that would have made Charles Ponzi jealous. same.

Pump and Dunk: when the trap closes, it is often too late

The media CoinTelegraph is the megaphone of a sadly banal story: that of a pump and dump group a little too enterprising, who ended up being infiltrated by the agents of the Australian Securities and Investments Commission (ASIC). But how does this authority australian found herself embedded in an obscure Telegram group, temporarily playing with the fire of anemic shitcoins, time to put an end to this funny circus?

It all starts when the authorities spot a singing name group of “Crypto Binance Trading | Signals & Pumps ”. In this Telegram group, several thousand people agree to buy a specific shitcoin at the same time, in order to try to artificially inflate its value. This increase in value is called the pump, while the sale of this now expensive token to naive buyers is the phase of dump.

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“Hello, it’s the police”

One fine day, after watching (and recording) all these beautiful people having a good time, possibly feeling invulnerable, here they are ASIC adopt a frontal strategy : we are then in October 2021, and what do group members see on their mobile screens? First a simple message: “ASIC has joined the group”.

While panic grabbed some members of the group, patatras, now the regulator sets the tone, solid on its supports, with a clear message :

“Pump and dump operations used to make improper profit may be illegal. We can see all the trades made, and we are working to recover all the identities of the traders in this group – when we don’t have them yet. (…) You run the risk of ending up with a criminal record, of seeing yourself fined in excess of a million dollars, and even of ending up in jail. “

Australian authorities, who have a big deal on the kangaroo

The story does not tell how the members of the said group ended, but we suspect that beyond the bravado message, it was not good to be part of it!

You know the moral of the story all too well, but we are going to repeat it anyway: if we promise you something too good to be true, very often, it is wrong or a nasty scam! For pump and dump and other dark liquidity races on shitcoins without any volume, it is unfortunately the same thing: in conclusion, do not be betrayed by your own greed, and remain vigilant to avoid scams!

Shareholders in cryptocurrency scams can be frightening, but with the proper support, there is no reason to panic! IRegister without delay on FTX and benefit from a lifetime reduction on your trading fees (affiliate link, see conditions on official website)

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