A new study claims that two crypto influencers with ties to QAnon engaged in a pump-and-dump scheme that cost their followers millions. Logically, a data science and development team is looking into the allegations. However, according to reports, the two influencers behind the Telegram channels “WhipLash347” and “Quantum Stellar Initiative,” which were allegedly used to promote a list of Stellar (XLM) altcoins that the Stellar network had labeled as fraudulent, collaborated.
Followers Lose Money
The researchers claim that the pair persuaded their thousands of followers to invest in a cryptocurrency portfolio by combining deceptive and authentic content with claims that authorities were behind the tokens to generate buzz and drive up the portfolio’s value.
The study alleges that, once the portfolio was created, the influencers began to sell their holdings while continuing to promote the project to their followers, who were left holding worthless tokens. This resulted in millions of dollars in losses for investors.
QSI and WhipLash347 have many followers on Telegram: 277,000 for QSI and 35,000 for WhipLash347. They allegedly said that the cryptocurrencies they chose would succeed because they had inside information regarding their fundamentals.
According to Logically, the two utilized conspiratorial material and disinformation to persuade those who distrust traditional financial and media institutions to accept the cryptocurrencies they endorsed. Based on the report, one man took his life after losing $100,000 in the scam.
The On-Going Struggle with Pump and Dumps
PatriotQakes is the main QSI channel leader, with numerous regional affiliates. Ownership of the WhipLash347 account is believed to have recently changed hands due to unusual behavior.
The former QSI group administrator Rocky Morningside is confident that WhipLash347, PatriotQakes, and QSI are frauds who promote “pump and dumps.”
Whiplash347 has not yet responded to the situation, despite numerous requests from concerned citizens. In addition, PatriotQakes, a member of a local QSI group who appears to be the individual behind Whiplash347 and the site’s administrator, has yet to respond.