Reportedly two Telegram channels successfully manipulated the thinking of their followers and made a huge profit with fake information on behalf of fake hype.
Crypto & blockchain adoption is increasing and people are making huge amounts of money, who are intelligent enough to understand how the crypto market works. But some noobs or we can say newcomers in this industry usually fall under scams because of a lack of knowledge regarding cryptocurrencies. Most of the time, it has been seen that scammers use telegram-like social media platforms to deceive innocent crypto investors.
Recently Logically, a firm of researchers team of data scientists, did an investigation and found that two telegram channels, WhipLash347 and Quantum Stellar Initiative (QSI) with over 277,000 & 35,000 followers respectively, were able to steal the trust of their followers through fake news.
According to the report, the researcher team found that influencers associated with those channels were promising that they have all backend information regarding the altcoins, which may rapidly pump or dump shortly because they have a secret military intelligence system to predict the future price.
Scammer influencers also used to create altcoins related real look websites and also they attached direct connections with trusted Companies but investigation revealed that connections with reputed websites were fake.
Victims of QSI & WhipLash347 scam
A follower of these telegram channels falls under the pump & dump scheme of these bad crypto influencers and lost around $100k. Due to this significant amount of fund loss, he committed suicide.
Another victim of this pump & dump scheme said that WhipLash347 was successful to spread trust among the followers because of the high numbers of followers based. One another former member of that telegram channel said that influencers were manipulating the mentality of followers with the help of political news regarding cryptocurrencies and also they were talking about some kind of special events, which were possible reasons to boost the price of mentioned altcoins but in reality everything was fake and part of their scam activities.