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FatMan Terra reveals inner workings of alleged DOCK pump and dump scheme

Finance

cryptoslate.com 12 July 2022 21:00, UTC
  
Reading time: ~3 m

FatMan Terra, in a Twitter thread, revealed how an unnamed “friend” pumped Dock (DOCK) via billboard advertisements and a BitBoy Crypto video.

Thought it would be fun to share a story from last year where I watched a friend of mine pump a sh*tcoin on Binance by buying billboards and a BitBoy Crypto video. Nothing we don't already know, but I found it fascinating to watch in real time. (1/9)

— FatMan (@FatManTerra) July 12, 2022

According to FatMan’s tweets, this unnamed friend was not part of the DOCK’s team but specifically chose the coin because it is “a lower volume Binance coin (that is ) easier to pump and doesn’t need to accommodate crazy sell volume.”

Sure enough, over the next few days, ads started popping up in London, NYC and Amsterdam. There were loads of lovely pictures he sent me but I can't find all of them. Also, lo and behold, the BitBoy video goes up a week later (7 June), which my friend said he paid $30k for. (5/9) pic.twitter.com/otNmHsEPuM

— FatMan (@FatManTerra) July 12, 2022

He continued that his friend bought a BitBoy shill video for $30,000. A look at the video showed that BitBoy disclosed that the video was sponsored at the tail end when most viewers might have stopped watching.

The friend also advertised the asset on billboards in places like London, New York City, and Amsterdam.

In the days that followed my friend's message in the group chat, the DOCK charts started looking like this… Pretty insane. I witnessed before my very eyes yet another example of how manipulated – and easy to manipulate – crypto can be. Today, DOCK is down 80% since. (8/9) pic.twitter.com/tKkaWgZbU2

— FatMan (@FatManTerra) July 12, 2022

This resulted in the coin’s value rising massively after all the video shillings and billboard advertisements.

Per FatMan Terra, his friend’s ability to manipulate the market with less than $200,000 showed that investors should not trust influencers as “they make money by selling you hopium.”

FatMan Terra did not reveal how much was made from the “pump and dump” scheme.

He also implied that an individual who is in control of billions could also be able to manipulate a larger coin.

As of press time, Binance, BitBoy Crypto, and Dock did not respond to requests for comments.

According to its official website, Dock is a tool built for institutions to issue tamper-proof documents. The native token of the ecosystem is $DOCK and is listed on Binance, Huobi, and other top exchanges.

According to CryptoSlate data, DOCK reached its all-time high in May 2018 and is presently 92.4% away from this all-time high.

Meanwhile, the data also showed that it is trading at 76.5% away on its year-to-date metric.

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