Cryptocurrency News

Pump & Dump DeFi Scheme Of ‘$Few’ Tokens Exposed.

A leaked Telegram discussion by 50 so-called cryptocurrency influencers has exposed the extraordinary steps they absorb order to DeFi profit on the rear off unsuspecting defi investors. Consistent with a leaked screenshot of the chat, elaborated plans of illegal defi investors using the worthless “$Few” tokens for the crowdfunding purposes. $Few tokens would be airdropped to a number of the influencers who successively promoted these to unsuspecting followers on Twitter.

Once the “new flash mobile project” gained traction, members of this conspiracy planned to selloff the “airdropped” tokens to defi investors and thus convert their profit within the process. Consistent with a report by Boxmining, the plotters were attempting to maximize the present defi hype after missing out on the MEME airdrop.

Moreover, it appears the plot collapsed after a screenshot of the illegal discussions began spreading on social media. On Twitter, some users reacted angrily to the revelations and accused a number of prominent names within the defi ecosystem of being “scammers.”

Pump & Dump DeFi Scheme Of '$Few' Tokens Exposed.

One of the exposed planner, Anthony Sassano, co-founder of Ethhub.io and a self-proclaimed defi educator, has since issued an apology for his role within the scheme. Within the screenshot, Sassano appears to inform fellow plotters that “we need people to dumb on.” Sassano has been roundly condemned for his role within the botched scam also as for his attempts to cast his comments as a joke.

Moreover, writing on Twitter, Sassano strikes a more conciliatory tone as he apologized:

“I know for a few, the ‘I was just joking’ defence may be a weak one and that I totally understand why people are sceptical of it. I sometimes forget that text-based humour doesn’t translate in the least and may very easily be misinterpreted. I’ll be able to be more cognizant of this going forward.”

Sassano insists that he’s not “here to dump on or scam anyone.” Instead, he wants “to educate & expand the adoption of Ethereum and defi” which can always be his “number one goal.”

While Sassano revealed that he will attempt to rebuild his tarnished image, some Twitter users are skeptical. One user, the Cryptocurrency Detective isn’t particularly sanguine about this show of remorse. Reminding Sassano of his past deeds, the Cryptocurrency Detective revealed:

“Will be hard to earn respect now mate, shilled Yam at the highest, promoted Safe at 4.5000 & presently ‘require to dump on someone.’ Hope you’ll change, a PR tweet isn’t gonna help, will see your next actions.”

After offering the apology, Sassano reportedly burned the tokens, as did Alex Masmej, another influencer exposed within the leaked screenshot.

Just alike Sassano, Masmej tries to trivialize the case adding “no harm was done as the token was never listed.” However, the Boxmining report revealed that “some users actually ended up purchasing $FEW tokens due to the influencers’ promotional posts on Twitter.”

While further, it adds that others, knowing full well that the token isn’t listed on any of the cryptocurrency exchanges, “tried to profit off the hype by listing fake $FEW trading pairs on Uniswap in an attempt to urge some members to trade.”

The exposure of the $Few “joke” highlights a number of the risks facing defi investors, that are also associated to exit scams. However, the apparent participation of influential individuals in well-orchestrated pump and dump schemes like $Few adds to worries about the defi boom. Regulators wanting to curtail the expansion of the cryptocurrency ecosystem will likely point to such scams when justifying any upcoming interventions.

Leave a Comment

Your email address will not be published. Required fields are marked *