Thursday, 11 November 2021

Pumping Crypto Scam lead by instagramer David Vatodetar

So your blood is rushing and finally your dreams of vast riches are within your grasp... you are not alone till the minute this article is being written around 16,336 people have gotten scammed in what I would call one of the oldest scams made by con artists feeding on greed. 

From David's instagram

It starts like this, you will get a message from an instagram user who is not your friend telling you about how you could make millions if you joined forces in what is called "Crypto Pump" and pointing your way to David's instagram. There you will be greeted with "The Dream" lifestyle, the cars and the Lush living. 

Crypto pumping is when a group of crypto enthusiasts collectively buy a specific crypto coin in great numbers creating an illusion that there is a demand for it and therefore increasing its price drastically by other non suspecting crypto players till the time is right then they mass sell the coin capitalizing on their gains. But there is a catch..

In order for this specific con to work, Mr. Vatodetar and his gang ask people to join his channel in Telegram. In this channel (which he is the only person who is allowed to send messages... obviously) he keeps feeding news off to the newly joined members who do not know what happened earlier on that same group or what the scam is.

The Telegram group

Most of the 16K+ are there only to try to figure out a way to get their money back but cant and hence the group is getting larger by the day and the new members are easily falling into the trap that there are thousands participating in the pump

(Technical details follows a summary will be provided for non technicals below look for the**)

Here is how it goes, David Vatodetar, starts creating hype around a specific day and hour where the pump will start. Usually 2 to 3 days before the actual pump, giving instructions to newbies to convert their coins to BNB smart contract coins and transfer them to Trust wallet... once there and the pump actually starts the users will be prompted to convert from BNB smart contract to the coin which will be pumped. 

This coin is Mr. Vatodetar's creation; it never existed before and it will never exist after the pump. Once the unsuspecting user buys the coin, they will be locked in. They will not be able to sell and will receive several error messages such as the ones below. This ladies and gentlemen is the moment you realize that you have been bamboozled out of your hard earned money.

The message you will get when you try to sell the coin

How David Creates the hype over his false coin

Not only will you watch your investments go down in price as the organized mass selling starts but also you will see whatever number left in the wallet disapear as the whole coin gets scrapped from the pool.

** In short for my fellow non crypto peeps, you hand him your money to put in his safe never to see him or be able to contact him ever again. 

If you see this message in time, know that there is a higher power out there watching over you and protecting your investments. If unfortunately you have been one of the 16K+ then spread this around, help others and pay it forward. You never know when you will need this good deed in the future