Thanks to bearish trend, certain cryptocurrency communities have resorted to post fake partnership news on their social media channels to pump price of their coin / token. One recent example are admins of GXChain (GXS), where we see one fellow asking admin to post deal with Chinese government and leave the tweet up for 30 minutes. In return, he promises to send him 5 BTC.
He immediately gets another offer from a buyer who puts up a 3.7 BTC buy order as well.
Telegram’s admin of GXSchian posted news on twitter that GXChain has become a partner of Chinese Telecom and member of government enterprise business ecosystem. Immediately after that, the price of GXS token on Binance went up 30 percent.
Later, another administrator posted that he will fire the admin who tweeted about the partnership.
Interestingly, the partnership is said to be real as after deleting the aforementioned tweet, the GXChain team has tweeted again about the partnership with the Chinese government.
Here’s the tweet about the Chinese announcement by GXChain.
That is how manipulation and justification in crypto is done. Always invest in quality projects and never FOMO into such pumps.
March 29, 2019
| Ethereum News