Influencers Deliberately Steal Millions From the Crypto Community Using the Pump and Dump Scam
Two conspiracy theorists duped investors in a pump-and-dump operation. They provided crypto with doubtful provenance and institutional backings. These assertions are intended to boost crypto values by creating enthusiasm.
They might convince the followers to invest in the crypto portfolio given that they have already earned their confidence. However, by trusting the hoopla around the assets, these followers have lost millions. According to examinations conducted by Logically, a company comprised of software engineers and data scientists.
Two Telegram channels are managed by the influencers: WhipLash 347 and Quantum Stellar Initiative (QSI). They used these channels to advertise fake Stellar XLM cryptocurrencies, which the Stellar network as a whole has proven to be false.
WhipLash And QSI procedures
Quantum Stellar Initiate has 35,000 followers compared to WhipLash347’s 277,000. Evidently, the influencers convinced these thousands of followers that cryptocurrencies would be an enormous success. According to them, they were able to foresee these results thanks to classified military information.
In addition, they spread disinformation and conspiracy material against mainstream media and organizations. Due to the followers’ preexisting mistrust of these organizations, they believed what the pair said and trusted their cryptocurrency advertising.
According to investigations, these followers lost millions of dollars. One of the investors who lost $100,000 committed suicide, according to Logically. The investigators also established that PatriotQakes is the head of the QSI channel, but were unable to identify the significant leader of WhipLash347.
According to the administrator of QSI, all the organizations operating it, including QSI, Whiplash347, and PatriotQuakes, are frauds pushing pump-and-dump scams. They attempted to verify the PatriotQuakes charges, but have received no answer as of yet. In addition, neither entity has responded to the charges.
Investors Will Identify Those Responsible For Crypto Scams
One of the investors identified as Cutter who was duped by these scam artists has now created a Twitter account to expose WhipLash347.
WhipLash347, according to Cutter, established a portfolio of bogus cryptocurrencies and white papers. Supposedly, these cryptocurrencies’ websites were affiliated with legitimate businesses. On closer inspection, however, the followers realized that the cryptocurrencies were all forgeries unconnected to the authentic ones.
The former member of the gang also indicated that WhipLash 347 could be trusted since he had the same political ideas. However, he persuaded his audience that forthcoming events would propel the rise of the assets. Additionally, he cautioned them not to disseminate the news until these occurrences transpired.