Lately we have been hearing Crypto, Crypto and Crypto from all sides. (Thanks Elone :-))
And we also hear stories as someone fabulously got rich in the cryptocurrency market. So it's no surprise that some people who don't have the intelligence and luck to get rich on this wave are trying a different way to take advantage of this trend. Unfortunately, there are still a lot of people who lose their caution with the vision of big and fast earnings...
This story began with a short message from an unknown contact on the discord:
The link in message is: https://discord.gg/nxgSASJDnK You can visit the server and see how easy it is to drive users crazy. You probably won't find me on this server anymore, because I assume that I will be BANned within a few minutes after publishing this article. :-)
On the server you will find a room called: PUMP-INFO, where a user with the nickname Bitcoin-Enthuasist completely free of charge and only out of good will publishes a notice when and what pair will be manipulated and you can earn tens and sometimes hundreds of percent on this move. The last "invitation" was for a BAT/BTC pair.
The entire manipulation should take place according to the well-known Pump&Dump scheme and this can only be applied where the volume of trades is not too high. The larger volume = the greater volume needed to influence the price. I personally have spent more than ten years trading currency pairs for private clients, but also in cooperation with banks such as Credit Suisse. So I dare say that I am familiar with the issue of trading on stock/currency/crypto exchanges. The Pump&Dump scheme is not legal, but surprisingly often used in real world...
Up to this point, everything may sound believable. BUT!
As the user Bitcoin-Enthuasist writes, the price is manipulated exclusively on the exchange from the link binoix.com.
So let's take a look at the site and find out something about BINoix. Google is almost unaware of this site and it is impossible to find any mention of this site in public discussions. No wonder. Domain is 6 days old at the time of writing.
Of course all contacts are hidden - Withheld for Privacy Purposes The only mention of BINoix.com can be found on the server realtimebit.com
There we can find incredible text: BinOix had $ 1.8 billion in revenue for the first quarter of 2021 and $ 730 million to $ 800 million in profit, according to data from the exchange ahead of its Nasdaq listing on April 14 next week. For the entire 2020, Binoix’s profit was $ 322.3 million, so for the first quarter of 2021, the exchange made a profit about 2.5 times more than in the entire previous year.
Apart from the fact that the company publishes the results for the first quarter as early as May 15 (which is the date of writing this article), it will probably not surprise you that ANY BINoix company is really going to be listed in Nasdaq. So what is realtimebit.com?
But there is more about realtimebit.com... There is a SCAM Warning on heimdalsecurity.com where it says, among other things: The registration addresses for all of these, while fake (rented out), span across UK, USA, Iceland, The Netherlands and more. The complexity of the campaign was carefully constructed to fly under the radar.
Now let's go to a specific trade. At Discord we learned when (15:50 GMT), where (binoix.com) and what (BAT/BTC). So let's take a look at the chart on the site. About ten minutes before the "action", the graph looks quite ordinary, there is even a trade history on the site. Wait, this story is really weird. The time of trades somehow does not correspond to the time on the chart. Well, maybe it's published retrospectively. I watch the volumes and times of trades for a while. Wait... According to the table, I observed trades between 16:43 and 17:12, but in real-time all these trades take place within 5 minutes.
Do you see the volumes of those trades? The largest volume is 480BAT (1BAT is currently 1.15USD). This really is not an amount that could affect the market in any way. But do you know what the chart looks like here?
After a few minutes, the graph returns to normal and only the spike remains.
And a table of past trades? Do you see the volumes? Nothing. Absolutely nothing remotely reminiscent of our method Pump&Dump.
Originally, I thought that all this scam would be based on the fact that the exchange has its own dealing desk, where they manipulate the local market and thus trades against its clients. This type of exchange was applied to the forex market 15-20 years ago and within a few years it was eradicated to a fairer way of trading. Unfortunately, this bunch of amateurs couldn't even start a Crypto Exchange with their own dealing desk. The trade history is generated by a script (note the times - 7 is a really lucky number, isn't it?) And does not correlate with the graph at all.
Yes, at this time you can really get rich relatively quickly on cryptocurrencies. Yes, the Pump&Dump method exists and works, but neither is waiting for you on this discord and this site. Don't be naive and hasty. I understand that the vision of quick earnings is beautiful, but remember "Too good to be true" has always been and always will be. I wish you success and as few scams as possible ... and enjoy the day!