Someone from a semi-secret Discord chat group went public with screenshots of chat histories that exposed some quite high profile cryptocurrency influencers planning a classic pump and dump scheme. Which in the world of “real trading” is criminal activity that might land people in real jail.
Chat group is called Bitcoin Bravado and all hell broke loose on Steemit where anonymous member of the group posted the screenshots. Members were planning to pump low profile cryptocurrency called Haven Coin. There were also screenshots posted from Telegram chat, where leader of the group was orchestrating step by step how their manipulation should take place.
Members of the group made calculations how much Bitcoin was needed to control quarter of the trading volume and also how long should they hold on to Haven Coin before to dump it. One worrying member told others “not to use manipulation tactics”, but corrected himself later adding that “it is actually market making” with a sweaty smiley face emoji.
Whistle blower ‘cryptomedication’ wrote Steemit that he was invited to join Telegram group personally and that he had been observing these kind of messages for a long time already. He started his revelation with dramatic opening:
The post that you are about to read may potentially shake up the entire cryptosphere. Before I get into any explanations, I’d rather let the pictures speak for themselves first. All I will say to give you some pre-text is that I was invited into BravadoGroup by CryptoGag around the end of March (approximately March 31st) on a ‘trial’ basis.
Members of Bitcoin Bravado claim that ‘cryptomedication’ is a ‘disgruntled FUD Monger’. Group shared a PDF file titled ‘Statement of Slander’ on their Google Drive where they say that none of the people involved in the Telegram messages either write content for nor have ownership or equity in the company. It’s also written in the 16 page long PDF file that ‘cryptomedication’ was demoted from his analyst position in the group after which he began making threats towards other members. That was also the reason why ‘cryptomedication’ was let go from the group, claim Bitcoin Bravado members in their PDF statement.
What next? I guess it is now in the hands of FBI and SEC. Pump and dumps are of course illegal, but in the unregulated land of crypto, where US government hasn’t really decided what it is we are dealing here, anything is possible. Up to 30% of monetary sanctions are offered for whistleblowers who turn in pump and dump artists. This reward is made possible by Comodities Futures Trading Commision (CFTC). Let’s see how these rewards and accusations fare in cryptoland.