I had always heard about pump-and-dump schemes in the crypto world, but I never thought I would get caught up in one. Unfortunately, that’s exactly what happened, and I want to share my story so others can be more careful.

It started when I joined a Telegram group dedicated to “exclusive” crypto investment tips. The group had thousands of members, and the admins seemed knowledgeable. One day, they announced that a certain low-cap cryptocurrency was going to “moon” because of an upcoming partnership announcement. They urged everyone in the group to buy in early before the price skyrocketed.

At first, I was skeptical, but the hype in the group was contagious. I bought $1,500 worth of the coin, hoping to make quick profits. Over the next few hours, I watched the price rise steadily, just as the admins had promised. But then, almost as quickly as it rose, the price started to plummet. Within minutes, my investment was worthless, and the admins disappeared from the group.

I realized that I had been part of a classic pump-and-dump scheme. The admins had bought the coin early, hyped it up, and then sold their holdings at the peak, leaving the rest of us with worthless coins.