Beware of fake “pump coins” groups on telegram, they’re all scammers
I discovered on telegram that there are some groups that pretend to organize special days when they all pump a coin, but they're actually a scam.
I'm not talking about small groups, we're talking about groups that have even more than 1 million users!
Officially it works in this way: they set a day when the pump will start (for example on Sunday at 6pm cet) and at that exact time they'll announce which coin to pump. Everybody will start to buy that coin at that time and in this way the coin will grow like crazy, it usually gets even +100%
They have several discord channels full of people thanking them for making easy money. Sadly it's all a scam. All messages are fake and if you try to say the truth, they delete the messages.
They even post some reports showing that the coins chosen got a massive growth, in order to convince new users to partecipate in the next pumps.
Here is the truth about this scam: they buy the coin before the pump starts, when nobody knows yet which coin to pump. When they announce the coin, people start to buy while the organizers sell immediately.
In this way, officially it looks like there was a big growth, but actually only the organizers made a profit, normal users just lose their money.
This pump and dump lasts about few seconds. You have no time to realize what's happening because they say to buy quickly before the price will go too high, while actually they're already selling.
A friend of mine got scammed in this way, he didn't realize that it was a scam and he thought he was just too slow because his connection is not that good, he asked me to help him because I have a 1gbps connection but when I started to study these groups I realized it was a scam. Luckily I didn't lose any money and my friend lost just few bucks, but these scammers make millions thanks to these few bucks of thousands of people.
submitted by /u/Trevigol