Pump and dump tactics will become more common as the cryptocurrency market grows and digital assets become more popular. Famous people use their celebrity to praise a cryptocurrency and so affect its price, while also timing a large sell-off of their supply of the coin at the inflated price.
Ben Phillips has been exposed as a conspirator in a pump and dump scheme. According to YouTuber Stephen Findseisen, a.k.a. Coffeezilla, the cryptocurrency in question is SafeMoon, an altcoin project on the Binance Smart Chain (BSC). Findeisen was made aware of the story by a whistleblower.
Phillips, former SafeMoon crypto marketing team head who now runs a joke YouTube channel, would openly declare that he was bullish and had “diamond hands,” pushing his 749,000 Twitter followers to “buy the drop.” However, he was secretly selling the coin at an inflated price, making himself millions of dollars.
Phillips provided his cryptocurrency wallet address when he pleaded with his followers to ‘buy him Starbucks.’ Even though no evidence was found on his Twitter account, this proved to be a mistake on Phillips’ part since it allowed anyone to scrutinize his transactions.
“Plotting out when Ben sold, and how much he sold, we see that even at the beginning of Safemoon, when he first joined, he wanted to dump as fast as possible. Ben’s biggest sales are in April, even while he appears to be at his most “bullish”. Findeisen conducted a thorough examination and concluded.
Furthermore, the YouTuber provided images of all the tweets in which Phillips made similar remarks, sorted by date, as well as thorough information on his dumping and even relevant BscScan links that indicate all of his transactions.
Despite the team’s presentation that it is decentralized finance (DeFi) that will rise in price, Finbold cited such concerns over a year ago in Analysts’ Concerns About the Possibility of SafeMoon Coin Pumping and Dumping.
SafeMoon Vice President Charles resigned in early March, citing a desire to “return to college and complete my degree.” In a series of tweets, Charles congratulated the crew and the entire SafeMoon community on their accomplishments.
Karony’s announcement comes after a class-action case was filed against SafeMoon and its celebrity advocates in US District Court in California, accusing them of allegedly participating in a SafeMoon token-related pump-and-dump scheme.
SafeMoon currency is presently trading at $0.0000005566, up 0.38 percent in 24 hours and down 1.92 percent in the previous seven days, according to CoinMarketCap data.
If you find this article informative then do not forget to share it with your friends and family!
Also read: Dogecoin Might Soon Be Able to Perform Offline Transactions
