A group of developers of the Logistics research platform published an article where they claim that the WhipLash347 and Quantum Stellar Initiative telegram channels were promoting the XLM cryptocurrency.
The promotion was carried out in coordinated ways, and the Stellar project team itself recognized them as fraudulent.
The author of the article alleges that a total of over 300,000 subscribers to WhipLash347 and the Quantum Stellar Initiative (QSI) have been misled by the belief that XLM will experience significant ups and downs in a given time period. The developers specify that the two telegram channels mixed conspiracy content and misinformation in order to target their users, who do not trust the mainstream financial and media outlets, to buy and sell Stellar.
According to the author of the article, losses from the XLM scam run into the millions, and at least one investor committed suicide after losing $100,000 on this scheme.
Logistics representatives say that the user under the nickname PatriotQakes still runs the main QSI channel and several of its regional branches. Ownership of the WhipLash347 channel account has recently changed hands.
Former QSI channel administrator Rocky Morningside stated that “no doubt WhipLash347, PatriotQakes and QSI are scammers” who used the popular “pump & dump” scheme to manipulate Stellar.
Last week, US citizen Keith Johnson sued Elon Musk for promoting Dogecoin. The plaintiff said he was defrauded and demanded $258 billion in damages.
Source: Bits
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