Influencers Deliberately Steal Millions From Crypto Community Through Pump And Dump Scam
In a pump-and-dump operation, two conspiracy theorist influencers led a large number of investors to lose their crypto assets. They proposed a cryptocurrency portfolio with false claims regarding authenticity and institutional backing.
Two Telegram channels are managed by the influencers: WhipLash 347 and Quantum Stellar Initiative (QSI). They exploited these channels to market fraudulent Stellar XLM altcoins, which the Stellar network has verified are false.
WhipLash347 has 277,000 followers, and Quantum Stellar Initiate has 35,000 followers. The influencers logically persuaded these hundreds of followers that the altcoins would be a tremendous hit. They claimed to be able to forecast such outcomes due to secret military intelligence.
Another strategy they employed was the dissemination of misinformation and conspiracy content aimed at the media and mainstream institutions. Because the followers already distrusted these institutions, they believed what the duo said and trusted their cryptocurrency advertising.
According to investigations, these followers lost millions of dollars. According to Logically, one of the $100,000 investors committed suicide. The investigators also discovered that PatriotQakes is the leader of the QSI channel, but they were unable to identify the major leader of WhipLash347.
According to the QSI admin, all of the groups running it, including QSI, Whiplash347, and PatriotQuakes, are con artists supporting pump and dump operations. They attempted to verify PatriotQuakes’ accusations, but have yet to receive a response. Furthermore, neither group has responded to the charges.
Cutter, one of the investors who fell prey to these con artists, has now started a Twitter account in order to expose WhipLash347.
WhipLash347, according to Cutter, constructed a portfolio of phony cryptos and white papers. The domains of these cryptocurrencies were allegedly associated with legitimate businesses. However, after more inquiry, the followers learned that the cryptos were all forgeries unconnected to the actual ones.
The former group member further indicated that WhipLash 347 could be trusted because they shared similar political ideas. However, he persuaded followers that forthcoming events would propel asset growth forward. He also warned them not to spread the word until these occurrences took place.
Cutter also stated that con artists will always provide a timeline for the occurrences to their followers. But when it doesn’t, he’ll make another timeline to keep them believing in false hope.
Another deception was claiming to interact with top figures and even saying that Elon Musk is the one sponsoring the cryptos promoted by the group.
Followers continued to trust the group, and anyone who sought to challenge him was banned from joining. This deception persisted until the scam imploded and followers discovered they’d been duped.
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