How a Legendary Cheater Manipulated Coinbene, Tricking The Whales
This is a story circling around the Wechat crypto community of a Maga scam, The scammer is known as Huangxin. Huangxin called for a meeting among the whales to devise a process they can use to generate small time investors and make profit for themselves. Good news for the whales right!
The Masterplan Move
Huangxin convinced the whales to join the scheme as shareholders. And the whales who believed him entrusted him with 5 million coni. After a while, Huangxin pretended that the scheme was successful. After, the whales had made some profit so he gave back 2000 – 7000 coni as one stock bonus to the whales.
Lucrative indeed! With the profit comes more trust in Huangxin, and this time they were fired up to start harvesting small investors. That’s all they know and it’s still game for them, but what’s Huangxin next big plan?
Huangxin went to Coinbene, he asked an official to allow him increase the price of coni, using black box strategy, to 12 RMB, but the official turned him down. Huangxin didn’t back down, instead he went back to the official with another plan, he told the official to increase price of coni only for a short time and after that, he would work with the official to return coni to the original price. Fair enough!
Now, as soon as the official increased the price, Huangxin sold bulk of his coni. He made a lot of profit, but what he didn’t do was to work with the official to return coni to the original price. The Coinbene official was left to sort the problem alone, the official had to sacrifice tons of ETH for this. Is Huangxin satisfied with all the profit he had amass for himself? Certainly not.
Huangxin went to the whales with a new plan, he told them that he was going to work towards increasing coni price and they didn’t have to do anything. Well, not exactly, he told them to commit their ETH (a lot of it). And their coni to the cause, and he would increase coni price. Since he has already gained their trust, they did as he requested of them, the whales gave Huangxin 50 million coni and 5000 ETH. Huangxin sold his coni – all of it, made mouthwatering profit and took off.
So, Coinbene, the small-time investors, and the almighty whales all were pieces in Huangxin game plan. They lost, he won!