Reddit is ablaze today after a LINK transfer worth 700K was initiated raising FUD over an exit scam in the making. Taking to Reddit, a user otasan posted “ChainLink (LINK) transferred 700k out of the dev wallet!! Trace leads to Binance!!”
The skeptics showed up in droves most accusing the ChainLink CEO Sergey Nazarov of orchestrating the perfect pump and dump scam. User Gozilla453, for instance, says:
“This is looking like a classic case… pump the price on fake news propaganda then Brexit before the truth can come out. Seen this so many times but fools never learn.”
Of FOMO, Whales and Price Dumps
Newbie investors, especially those who joined the market after the height of the 2017 ICO fraud era, are usually warned of exit scams. The most common of this fraud type is the pump and dump. This con trick happens when investors collude to run up an asset’s prices. The investors are boondoggled with promises of massive returns.
Working on their FOMO, the whales, who have accumulated massive amounts of the asset in question at rock bottom prices dump them when the price is right. This leaves the new gullible investor stuck with a dormant asset and with massive losses. Read More at EWN...