There are alot of pump and dump scams going on in the crypto world and many of these people tend to use various social media channel most especially the telegram app when they want to carry out their plans ..
What these set of people do is that they buy some kind of unpopular and very cheap or affordable coin on exchanges like binance , they often focus on the coin paired with bitcoin...what i mean by that is , if for example the name of the coin is MHH they will look for the MHH/BTC pair market...
They ensure they buy huge numbers of the coin at those very cheap price...Then they proceed to announce that their followers on various social media channels and tell them that a pump is about to occur on the market and they give the followers the specific time and date when the pump will be happening....They will not mention the name of the coin before the fixed date and time , they only announce the name of the coin at the exact time when they want their followers to participate in the so called pump.....
Now those followers quickly start preparing for that date and time so that they can start buying the coin and hopefully thinking they will make profit from the pump , not knowing that the creator or group of creators that owns those pump and dump groups already bought the coin at a lower price and are just waiting for unsuspecting individuals to buy the coin at that time and when more and more people buy the coin at that particular time then the price rises and the owner of the pump and dump scheme quickly sells off the huge amount of the coin he previously bought...Then the price will be forced to come down immediately he sells off all the coin and all the new investors will lose all their investments on that coin....
The scam keeps happening all the time, and those who own these groups are so smart in a way that they ensure that members of those telegram channels will not be able to write a comment or have conversation on the channel , they know that if they allowed that to happen then some people would have shared their experience concerning the pump and dump scheme on those channels and the lies of the admin of those telegram channels will be exposed and everyone will get to know that it is a scam...
Here are some examples of those telegram channels...
https://t.me/Big_Pumps_Signals
https://t.me/Crypto_Pump_Bitcoin
