An elaborate pump and dump scheme has been uncovered this week and it follows the script of so many others. Specific Twitter accounts of scale make enticing offers to unsuspecting noobs, several BTC amounts are deposited and those that benefit rejoice and those that don’t get taught a hard lesson.
Via screenshots connected to a Telegram channel, twitter posts, and just outright dumb public dialogue it is believed that several accounts connected to BTC-Fund-Manager has been using deposited funds to intentionally pump and dump alt-coins and disproportionately share (or not share) the profits.
We spoke with several of the ‘clients’ connected to this group and they verified what we’ve seen in these screenshots below. Pump and dump.
Take a quick look, and an explanation will follow:
This activity has been going on for over a year. All you have to do is go to this account and see for yourself: BTC Fund Manager
**It looks as if they’ve taken their accounts private, knowing this was coming.
Here is their website: Bitcoin Signals
Does that look legit to you?? My god. The scams seem to never end in crypto and a new one pops into our DM’s every other day. We try and cover the big ones.
Based on our conversations, screenshots (there are more), and conversations with former members of the group – there are millions of dollars worth of BTC rolling through this organization. And by extension being applied to alt-coins like $18T and $GSC – and a whole host of others.
This is unabashed market manipulation using capital of scale to move the price of a coin in the direction you want it to go. Clear as day.
If this type of behavior doesn’t get washed out of the space, in large part, crypto will struggle to reach the masses as it should.