Wall Street bets hit the news a few months ago, it’s huge gains on wall street stock market promoting huge interest and trust amongst the stock community, pumping stocks and in the end, cashing out. Since then this group have moved to crypto, but with a different agenda, every Sunday, pumping a stock for less than 5 minutes and then dumping, all the while promoting the coin at the last minute.
Wall street bets ( WSB ) or in the crypto world Satoshi Street Bets ( SSB ) use Discord, Reddit, Telegram and other methods of communication, but with methods they control, they can delete anyone who dares report the scam or state they made a loss, banning them and then reeling in more “victims” to their pump.
How wall street bets crypto pump scam works
So how does this wall street bets scam work? First they promote that they are going to do a pump, they post wherever they can about the pump, other crypto groups, reddit, discord chats, telegram etc and attract attention. They use channels where you cannot comment or interact, only read to post their announcements regarding a “pump” and promote fake or misguided statistics to attract would be buyers for the day.
Meanwhile, they’ve already chosen the coin, perhaps weeks before, slowing buying up coin to not attract attention at much lower prices, then on pump day, the price gets jacked up from 100% to 1000% percent and they cash out fast, leaving all their victims who thought the pump would last some time like normal signals/pumps in disarray as they are holding coin that’s greatly prover priced and are either forced to hold or sell at a later date.
In this example, March 28th 2021, they decided to pump PIVX, they announce at 10:00, at which point they already sold, then announce “2nd wave starting now” to attract would be victims into thinking that it would go up. By 10:03 the coin has moved from 150% to just 45% and dropping fast. “Buy the dip” at that point trying to get final victims to buy into the scam so they can sell their final coins for anyone still left in the scam. Leaving thousands of people with huge losses, while they maintain a win.
Here, in these images you can see the Rug pull.
https://www.coingecko.com/en/coins/pivx
https://coinmarketcap.com/currencies/pivx/
Have you been scammed by a wall street bets pump? Want to voice your opinion? There’s a telegram channel here that will help you with your loss and provide you with support.
