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I joined a vibrant crypto Telegram group where members shared trading tips and market insights. The group seemed active and supportive, with members often praising the admins for their advice. One day, the admins announced an exciting opportunity to invest in an upcoming token called MoonSpark that they claimed was about to be listed on a major exchange.
The admins encouraged everyone to buy the token early, promising that the price would skyrocket once the listing was announced. They shared charts, screenshots, and “insider information” to back up their claims. Trusting the group’s energy and enthusiasm, I bought $7,000 worth of MoonSpark tokens, hoping to ride the wave.
Initially, the token’s price did rise as more group members bought in. But just as quickly, it plummeted to almost zero. The admins stopped responding, and the group was eventually deleted. It became evident that this was a pump-and-dump scheme: the admins had purchased the tokens early, hyped them up to inflate the price, and sold their holdings at the peak, leaving everyone else with worthless assets.
This experience was a harsh reminder to always question opportunities that rely on group hype and urgency. Pump-and-dump schemes are common in unregulated markets, and scammers use social proof to manipulate victims. Do your own research, and don’t let FOMO (fear of missing out) drive your decisions.