A cryptocurrency and web 3.0 investigator, Coffeezilla, announced in a tweet that he busted a pump and dump scheme by a crypto influencer, Ben Phillips. Phillips, a UK-based influencer, played a prominent role in the promotion of the Safemoon token, SAFEMOON.
Ben Phillips is known among his followers for his video pranks and the promotion of crypto tokens. He was alleged to have sold his Safemoon tokens, even as he promoted the coin, leading to a price spike.
Cryptocurrency scams are common. It is even more prominent as the market matures because many new investors do not know how to detect what is real and what isn’t.
Pump And Dump Scheme
In an April 13 Tweeter post, the investigator wrote that Phillips sold $1.5 million worth of the token he was promoting to his 747.8k followers. He did this while posting promotional like “diamond hands always win” according to the allegations from Coffezilla.
Apparently, Phillips inadvertently let the cat out of the bag, when he released his wallet address last year, asking for”Starbucks coffee” donations. Coffeezilla stated that the promoter went to the extreme of declaring that those who sold their Safemoon tokens should die.
The investigator wrote:
“The same month he said “irresponsible whales should die ” he sold $1.2 MILLION DOLLARS worth of Safemoon. All while telling his followers to “buy the fucking dip””
Living The Dream Life
He highlighted that the prank star turned crypto influencer started “living like a rock star” after his pump and dump scheme commenced.
Ben started living like a rockstar once this started, buying a “top of the fleet” rolls royce and flying private jets.
Go watch the full video NOW. pic.twitter.com/KNDoe8G0Re
— Coffeezilla🇺🇦 (@coffeebreak_YT) April 13, 2022
Pump and dump schemes are not new in the cryptosphere. According to Albert Morrison, a crypto enthusiast, the reality is that many so-called whales are involved in some form of market manipulation.
“Like everyone in the safeshit community all claim HODL. But sell as soon as a story sees a slight chance at profit. The token is done. Took far too long to come out with anything of significance. Only people making doe from this where people who got in very early or people with millions”
Coffeezilla further alleged that the Safemoon team may be into the scheme. He said they were probably paying Phillips for the promotion.
Safemoon is currently the 233rd most capitalized coin with a market capitalization of $322,750,231. It is currently trading at $0.0000005512, up 0.8% in the past 24 hours.