Crypto Market Overrun by Scams: How One Trader Earns $60-$65K Weekly by Manipulating Meme Coins

Crypto Market Overrun by Scams: How One Trader Earns $60-$65K Weekly by Manipulating Meme Coins

The world of cryptocurrency is vast and ever-expanding, with millions of digital assets in existence and billions of trades occurring daily. The landscape continues to grow as hundreds of new tokens are launched every day. However, not every new crypto survives, and more concerningly, not all projects are legitimate. Many of these tokens are fraudulent, designed to scam investors out of their money. Among these scams is a method that has allowed one crypto trader to earn $60,000 to $65,000 per week by exploiting unsuspecting investors with fake tokens.

Inside the Mind of a Crypto Scammer: How Meme Coins are Manipulated for Profit

Recently, a YouTuber named NFT Nate sat down with Phantom, an anonymous crypto trader, to uncover the secrets behind his lucrative yet fraudulent schemes. Phantom revealed how he uses a tactic known as “rugging,” where he takes advantage of vulnerable investors by creating worthless tokens and making quick profits before the scheme collapses.

In his conversation with NFT Nate, Phantom described the process as “brain-dead easy” and disclosed that he has made $200,000 through the manipulation of meme coins. His method, known as “mass sniping,” involves creating a new token specifically designed to scam investors. Phantom utilizes premium tools such as Pump.Fun, a token generator, and DogWiffTools, which help generate false demand for the token. These tools allow scammers to fabricate crypto wallets and fake transaction records, luring potential buyers into investing.

Once enough people have purchased these tokens, Phantom and his cohorts trigger the “Dump all” command, selling off their holdings in one swift move. This causes the token’s market value to crash, leaving investors with worthless assets while the scammers walk away with substantial profits.

Pump.Fun and Its Role in Crypto Scams

NFT Nate’s video sheds light on how rug pulls are rampant in the meme-based cryptocurrency market, with tools like Pump.Fun enabling scammers to swindle millions. This isn’t an isolated incident. In fact, a former Pump.Fun employee was arrested after allegedly stealing $1.9 million through similar schemes. This individual even warned users to withdraw their funds, hinting at the platform’s unethical practices.

According to NFT Nate, over 98.5% of these tokens, particularly meme-based ones, are dumped before they ever reach a legitimate crypto exchange. His findings reveal a market rife with scams, where platforms like Pump.Fun are arming fraudsters with the means to execute rug pulls. Despite this, NFT Nate stops short of condemning the scammers, instead suggesting that in this treacherous market, one is either the rugger or the rugged.

Conclusion

As the crypto industry continues to evolve, so do the scams and fraudulent activities within it. One such scheme, known as rugging or sniper attacks, involves creating fake tokens to deceive investors. This tactic, as exposed by NFT Nate’s interaction with Phantom, highlights the dark side of cryptocurrency trading, where a single scammer can make $60,000 per week at the expense of others.