Many Crypto Influencers Are Being Accused Of Market Manipulation
Since the mainstream media has been ignoring and slandering cryptocurrencies, the ecosystem has been thriving on personal and group discussions on social media platforms such as Telegram, Reddit, and Steemit. This has lead to the rise in crypto influencers -individuals or organization who have a massive social following and whose voices can change perceptions of their followers.
A new controversy has come to light as a steemit account by the name of @cryptomedication claiming that many cryptocurrency influencers such as BitcoinBravado, CryptoGat, Peripheral, CryptoHornHairs, ParabolicMp, CryptoDog, CryptoSignals had been colluding to suppress the price of a new cryptocurrency HavenProtocol (XHV).
What Caused The Accusation Of Market Manipulation?
Crypto Signals starts out by suggesting “buying up a large portion of the supply with a group of people when the market cap is around 1 million and then controlling price with suppression and so forth”. Several parties express interest and offer to put several bitcoin in. Crypto Signals alleges several miners, a programmer to build the exchange bots and lots of capital are invested.
Different exchanges to get the coin listed on are discussed. BitFinex is decided upon. Different coins are discussed since the price of XHV is pumping. XRB is decided upon as the new coin of choice. Different market manipulations are to be employed to get 20% of the coin and then it’s to be pumped hard. Peripheral claims he is able to get it into the next bravado newsletter. Other claims are made about getting the coin on CNBC. More discussion about which coin to choose. The chat then ends and the rest of the screenshots are of group members telegram accounts.
What Is The Fallout For Crypto Influencers?
ParabolicMp replied to the tweet saying he didn’t put a penny into the coin. BitcoinBravado released a 16-page pdf containing a statement distancing themselves from those involved. Serial Shiller co-founder of BitcoinBravado said he would sever all ties with CryptoGat and Peripheral. CryptoDog admits he was in the group chat but did not take part in any market manipulation. He further asserts the questions he asked were so he could “accumulate a good coin”. I’ve spoken to several sources who have said that they deleted the group chats several days ago.