How the $100 Million Scam Operated
Yesterday, many people commented that they didn't believe it. Honestly, I didn't want to believe it either, but the data calculations show otherwise.
So, let me analyze in detail how it operated.
First, the scammer chooses the hottest project at the time to create fake coins, such as Trump, RCF, etc. They will counterfeit whatever is trending.
The scammer mints 1 billion coins. This means that all the coins are in the scammer's hands; they are not like the tokens launched by pump and dump schemes, where the chips can be taken by others.
Add unilateral liquidity. The scammer invests most (sometimes all 1 billion) into unilateral liquidity. This is a very important point: because of this, the pool for the fake coins will be very large.
Use funds to pump the price and create transaction txs. Generally, they will use a few hundred SOL to pump the price. The goal is to create real candlestick charts and genuine transactions.
Please note that although the scammer used a few hundred SOL, up to now, all the SOL and fake coins are still controlled by the scammer. Even the transaction fees are pocketed by the scammer.
Then, the scammer has created a fake coin with what appears to be real candlestick charts and transactions. The key point is that this fake coin's pool is very thick.
Such a fake coin is very easy for users to fall for. Because when we know about a trending project, we often don't know the contract address (CA), so we go directly to the candlestick platform to search for the project's name. (This is why the scammer chooses the hottest projects). The pool for this fake coin may be larger than that of the real coin, and many platforms will list it first. Many people, including myself, will choose the pool with the largest liquidity, thinking it is a real coin.
The scammer is also very quick; a fake coin typically only takes a few minutes to a few hours to cash out, making a few hundred SOL each time. Because when people realize they bought a fake, they will sell. So the scammer will quickly clear out.
Many people have raised different possibilities: let's analyze them one by one.
Opinion 1: The fake CA will have other bots or traps competing, so the actual profit isn't that high. This is definitely incorrect because the scammer directly minted 1 billion coins, and there is no possibility of being outcompeted for chips by others.
Opinion 2: The real profit isn't that high because a large portion of the account's funds is cycled through other small accounts. This probability is low. Analyzing from the purpose, using small accounts to create high win rates and profits for a big player is generally to encourage others to follow their trades. However, this address is clearly a scammer's address, and such behavior does not exist. Moreover, it is in a state of total victory, and the data itself is very good.
Anyway, is the $100 million calculation excessive? There is a possibility because the trading volume is too large to manually check each transaction. But even if we apply a discount, there are still tens of millions of dollars in profit.
The important thing is that we need to recognize this kind of scam,
Don't let the scammers profit again!!!
Don't let the scammers profit again!!!
Don't let the scammers profit again!!!
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