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Cryptocurrency Fleecing on High as the scammers say it is perfectly legal

Feb 02, 2018 Posted /  4542 Views

Cryptocurrency Fleecing on High as the scammers say it is perfectly legal

When Telegram was presented to us as an alternative to Whatsapp as messaging app, who knew that it would also be a mainstay for the cryptocurrency lovers. However, the vastly loved messaging app is slowly turning from a lovers feast to fraudsters home with a high number of scams cryptocurrency get rich schemes. These scams are using the popular celebrity names like Christopher Walken and Dwayne "The Rock" Johnson to endorse their fraud messages. In fact, the hackers are even using trading bots to get their message through a large base of audience.

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As Buzzfeed reports that Telegram has one free-to-join chat room called Crypto Callz that publically puts out that it artificially inflates prices of the cryptocurrencies. Clearly, something is very deeply wrong as the admins of this chat room instead of shying away from their activities are boasting about them.

“Welcome to Crypto Callz, a leading cryptocurrency pump group where we skyrocket the value of coins for six hours at a time,” an unidentified narrator details in a glossy welcome video.

There are great numbers of animations used to get their messages get across your mind as they go on to explain what they do:

"Open an account on a New Zealand–based cryptocurrency exchange! Follow our Telegram channel for what coin to buy and purchase it as soon as possible! Watch as your coin's value increases "by 1000% to 2000%!"

And, the video finishes with a burst of animated dollar stacks as the speaker exclaims, “Together we profit!”

“What we are doing is perfectly legal.”

You would be amazed knowing the number of members it has in its chat room- 5,729. It seems that these fraudsters have opened some kind of shops that have been set up on Telegram as these messages go across the world as the messaging app enjoys huge popularity. Right now the space of cryptocurrencies are already battling with huge credibility issues and fraud schemes like these further add to the gravity of the situation.

Not only Crypto Callz but there are a high number of groups on Telegram that are easy to find and accessible and considerably unpoliced by Telegram. Their broad goal is to conjure speculative buying insanities around new digital currencies and cash in on them.  Telegram- has lately become the most visited application for bitcoin and “altcoin” traders to exchange news, tips, and, frequently, to harmonize with cryptocurrency scams. One of the Crypto Callz administrators came forward and identified himself as Maxwell Anderson. He told the Buzzfeed news, “What we are doing is perfectly legal,” while noting that "being a part of well-managed professional crypto pump groups like Crypto Callz is just getting early info on a coin." Anderson seems that they are perfectly fine and not at all worried if Telegram would crack down on their efforts.

“What we are doing is perfectly legal.”

Telegram and cryptocurrencies

Telegram is one app which has enjoyed huge popularity as in conjunction with other messaging app giants WhatsApp. It is basically because digital media is on rising and had been particularly used by businesses to grow their business and reach out to their target audience. TechCrunch recently revealed about the internal company document, which suggested that the web giant has been in recent days been gaining at least 50,000 new users daily. The document further states that it is anticipated that the app will reach some 200 million users in the first quarter of 2018. Moreover, as per the document, the company will “provide the required critical mass to push cryptocurrencies towards widespread adoption.” Also worth noting: The company according to reports in media plans to raise $1.2 billion by selling a cryptocurrency of its own in an initial coin offering (ICO).

However, when media people tried to approach Telegram to comment on the revelation, nobody from the top hierarchy came forward to respond despite multiple requests.

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Tags: Cryptocurrencies crypto Telegram Crypto Callz initial coin offering

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