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WhatsApp Users Targeted in a Bitcoin Pump-and-Dump Scam
Aug. 27, 2015 11:54AM PST
Emerging TechnologyWhatsApp users were the target of a pump-and-dump scheme, when they began to receive messages stating that Wall Street investment banks were planning to invest in a small bitcoin company Avra, Inc (OTCQB:AVRN), and that a buyout may be immanent.
WhatsApp users were the target of a pump-and-dump scheme, when they began to receive messages stating that Wall Street investment banks were planning to invest in a small bitcoin company Avra, Inc (OTCQB:AVRN), and that a buyout may be immanent.
According to CoinDesk:
The messages indicated that the price would see major gains, and in one instance, claimed that a buyout would happen soon.
The stock price quickly shot to a high of $1.26 before falling significantly, though it’s unclear exactly how many WhatsApp users fell for the scam.
The messages mostly drew complaints from users, who cried foul that they were receiving any spam at all. At least one user on Reddit indicated that they had reported the incident to the SEC.
Heavy trading volume for Avra’s stock continued days after the spike, according to data from Google Finance
Click here to read the entire article on CoinDesk.