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Discord group reported to fpi and sec for planning pump and dump scheme

Discord Group Reported to FPI and SEC for Planning Pump and Dump Scheme

By Niels
Published over 2 years ago

Discord server Bitcoin Bravado has been accused of scheming to create a cryptocurrency pump and dump scheme by, what sources say, a potential member of that group. The group leader says he now has a “bone to pick” with that team member.


The member of Bitcoin Bravado had gone on to Steemit in order to expose what he says was a plan to create a pump and dump operation on the Haven coin token. The member of the group posted messages from a Telegram group chat between members of the group who seem to be putting the plans in motion to manipulate the token price.


The poster who goes by the name cryptomedication writes that he was being vetted as a member of the group and because of that was invited to join their Telegram channel where he was able to take a look at the messages that he eventually posted on Steamit. He started his post by writing:


“The post that you are about to read may potentially shake up the entire cryptosphere.”


In the messages members of the group discuss how much Bitcoin will be needed to control 25% of trading volume, how long it should be held and when to dump it. One member even warns another about his use of the word manipulation who responds by correcting himself, who then corrects his sentences to “market making” and adding a smiling, sweating emoji.


He ends the post by claiming that he has already contacted the SEC and FBI and that the group will most likely respond by saying that he is disgruntled because they rejected him and therefore “has an ax to grind.”


Bravado says Cryptomedication is a FUD Monger

Cryptomedication was spot on with his expectations, as that is exactly how the group framed him. Shared as a PDF on Google drive, the open letter entitled “Statement on slander article posted about Bitcoin Bravado” claims that none of the people involved in the Telegram messages either write content for nor have ownership or equity in the company.


The PDF contains 16 pages of messages from the group’s Telegram channel as well as Tweets which proport to show cryptomedication was demoted from “analyst” in the group and then became unhinged and began making threatening statements to individual members and the group as a whole.


Whether this is a case of He said, She said or if there is some actionable evidence will be a matter for the authorities to decide. Pump and dump schemes are illegal and the SEC sees them securities fraud. The Comodities Futures Trading Commision (CFTC) even offers a bounty of 10-30% of monetary sanctions for whistleblowers who turn in subjects planning pump and dump schemes.


Source https://www.newsbtc.com/2018/04/26/bitcoin-bravado-group-accused-of-planning-pump-and-dump/