Beware of crypto scammers, including Big Pump Signal
The hype of small investors making big money from crypto (e.g. $DOGE, $BTC, $ETH, and others) has attracted a huge swath of people who are new to the market (and therefore inexperienced and unfamiliar with the process and level of risk involved) who think they can easily double or even triple their money if they participate.
This type of thinking is dangerous and scammers are not afraid to take advantage of the situation.
In fact, some have put in their savings only to be scammed out of it by the Big Pump Signal Discord server scam. The server with over 500k members orchestrates “pump n dumps” regularly to use “power in numbers” to manipulate the market to line their pockets. The admins of the Discord server also promoted an exclusive, (yet non-existent) VIP program where you can get access to “inside” intelligence about what coin will be pumped, and when, so you can make big money... for a small $200 fee. However, once you pay the fee, the admin blocks you and your money is gone. Oof.
It's quite apparent that this Discord server exists for no reason other than to get the admins rich. The admins choose the coin they are going to “pump” in advance. The admins then buy in big with a coin that at the time, is just pennies, and then at the planned time, they announce the coin the “army” will be pumping. They tell this “army” to drive the price up and within minutes (honestly, less, more like seconds) their investment has made them millions and they immediately dump their shares, causing the price to tumble and all the new investors lose hundreds and/or thousands of dollars.
The evidence is in the charts, you can see moments before the planned pumping starts, the admins bought a bunch of shares (“green candle”) and then exactly at 5PM, they announced the coin was $VIA, and users rushed to Binance.com to pump the coin, driving it up to $0.00008033 and then moments later, a long “red candle” showing the admins/insiders dumped their shares, causing the price to tumble, emptying the wallets of hundreds of thousands of innocent investors.
Yesterday crypto Twitter was flooded with tweets of users encouraging others to pump $VIA and keep driving the price up. Little did they know, the moment they started promoting $VIA on Twitter as the coin of the day, the admins of the server were busy selling their shares and laughing to the bank and by the time they got back to their coin dashboard, they were horrified to see their money in the red.
Users have started petitioning Binance and Discord to suspend the user and withhold earnings because he deliberately scammed so many people.
It didn’t take long (maybe 30 minutes) for crypto Twitter to be filled with tweets warning others of Big Pump Signal and that it is a scam, sharing screenshots from the private Discord and even DMs with the head of the server. Tweet after tweet, many shared their own stories of how they were scammed by both the Discord VIP group and/or just by pumping $VIA.
These admins have pulled this stunt successfully several times and it's hard to imagine how much money innocent investors have lost due to the greed of the few. They are already planning their next scam. Don’t be next!
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