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A keen-eyed Redditor has spotted what appears to a massive pump and dump scheme by the team behind Apollo (APL). At the time user RozzyPoffle posted his findings, the currency had tanked by over 51%.
Two days ago, the Redditor posted a warning stating that APL was advertised as an “all-in-once cryptocurrency” that was packed with the latest features. The only problem being that the currency had none of the features it was advertised to have. Additionally, they censored their social media channels, banned anyone who mentioned selling and encouraged people to buy – certainly red flags.
Recap: Is 'cloned coin' Apollo a scam? Reddit says yes
Then, yesterday, RozzyPoffle made another post. This time, however, he gave many details that indicate the team had just engaged in a massive pump and dump scheme. According to the user, it began when he noticed a sell order on the APL exchange. Then he noticed lots of them. Looking at similar exchanges he found the same thing: “millions of APL were hitting all exchanges all at once in a massive dump that sent the price shooting down over 70%”
He then went to the block explorer to see if he could find the developers’ account and transaction history and discovered several accounts holding hundreds of millions of APL, some even had over a billion.
As per the updates, the Apollo founder Steve McCullah is in the telegram group saying “everything is fine.” Though the actions taken by the Apollo team are unusual, the Redditor’s post is not conclusive evidence of a pump and dump scheme.
The Apollo Currency Team (APL) just engaged in a massive pump and dump scheme, dumping hundreds of millions of coins on their investors from r/CryptoCurrency
Read more: Almost 5,000 pump and dumps studied in 6 months. Schemes are 'widespread'