Discord #cryptocurrency pump-and-dump group plans a pump on 28th December!
The dump-and-pump was run against $ICN on Binance. It started at 3pm GMT and lasted 4 minutes during which time ICN turned for some a profit of $1,2 per coin (this equated $350 profit per ETH invested):
IMPORTANT warning: As appealing as it might sound to make huge profits through those schemes, just remember that the organises of those schemes are the ones which will profit the most. It is not a charity, and the organises will have bought coins in advance and set sell-limit-orders. Their friends/family will also know about it and people late to the party (seconds will count) might lose a lot of money. The organisers will most likely “double-dip”:
- They will buy coins in advance at a super low price – sometimes days or weeks before. A good guess for this event would be to dump a ton of $TRX or $XVG
- They will sell-limit orders so that the bulk of their coins will sell at a peak. They will also line up market-sells to drop another large bag of coins at the highest point by monitoring the buy-wall.
- Once the quick sell-off starts (during the time the Discord members get on it), they will place buy-limit orders and run the wave a second time.
- Depending on fluctuations thereafter, they will do some quick buy/sell at market price.
- With all of the above it is very easy to make a few hundred percent profit within a few seconds.
- The majority of users will however be stuck with an overvalued coin.
Note: Discord server is full. The below invites will not work for the time being. Follow me on Twitter for any updates.
In less than 10 hours a Discord group (try this link or this one if the previous one does not work) consisting of more than 15,000 members at time of writing will nominate a coin on Binance and then pump and dump it at the following times:
Thu, Dec 28, 3:00 PM GMT (London)
Thu, Dec 28, 5:00 PM SAST (South Africa)
Thu, Dec 28, 10:00 AM EST (New York)
Fri, Dec 29, 12:00 AM GMT+9 (Seoul)
The group works on an #invite-only scheme where depending on the number of invites, a member can have access to a “VIP channel” which provides information about the coin between 2-20 seconds earlier:
I am highly skeptical about the motive of this pump-and-dump server as someone (or a select few) will select a coin and will have knowledge hours (if not days) before the pump-and-dump happens:
If you are joining the group, I urge you to trade responsible and to remember that you will not be the first to climb into the pump. There will be bots and certain people will have the coin information prior to anyone else.
You might get lucky and have one of your coins pumped enough that you get a decent profit. If this is something you are interested and you are not trading on Binance, then follow my guide I posted here: How to start trading cryptocurrency and altcoins on Binance.