Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Crypto Scammers Rip Off Billions as Pump-and-Dump Schemes Go Digital

Crypto Scammers Rip Off Billions as Pump-and-Dump Schemes Go Digital

You remember The Money Chant: Matthew McConaughey thumping his chest, talking fools and money before - sniff! - a little lunchtime “tootski.”
Titan Maxamus has been there. Well, not there, in a “Wolf of Wall Street”-style boiler room. There on the other side — as the mark. Titan Maxamus knows the game. All the brazenly cynical players do. In Scorsese’s cinematic bender of sex, drugs and stocks, it’s called the pump and dump. In today’s cryptocurrencies, it’s known as the rug pull.

Maxamus thinks he got rug-pulled the other month in some sketchy digital token called — wait for it — Safe Heaven. Like countless dreamers in today’s memeified markets, he’s been gambling $50 here, $100 there on what are known as Shit Coins, obscure digital something-or-others being minted by the thousands. This stuff makes Bitcoin look good as gold.

One moment, Safe Heaven was flying. The next, it was crashing. Maxamus (that’s his online persona. His real name is Glenn Titus), can’t prove anything. But he suspects what, in retrospect, seems forehead-slappingly obvious: some small-time hustler created Safe Heaven with a few deft keystrokes, hyped the hell out of it — and promptly cashed out. Telegram, a popular instant messaging app that’s become a major crypto boiler room, immediately fell silent. The Safe Heaven Telegram group, once thronging with rocket emojis and Elon Musk GIFs, was deleted. The Safe Heaven Twitter account hasn’t been updated since May 28.

“Everybody I know has gotten rug-pulled,” says Titus, a 38-year-old butcher in Salem, Oregon. “You know, you win some, you lose some. Hopefully, win more than lose.”

It might sound like a joke, given the crypto meltdowns of late, but serious money is at stake here. Billions — real billions — are getting pilfered annually through a variety of cryptocurrency scams. The way things are going, this will only get worse.

Back in the Wall Street Dark Ages — six, 12, 18 months ago — these sorts of shenanigans were mostly associated with shlocky brokerages like the one depicted in the 2013 Wolf. In those halcyon days before GameStop, Dogecoin and the rest, schlubs on Long Island might pitch ridiculous over-the-counter stocks to the gullible.

Nowadays crypto hustlers and star-gazers like Titan Maxamus have established a weird symbiotic relationship. It seems to capture everything that’s gone wrong with money culture, from Reddit-fueled thrill-seeking to conspiracy theorizing to predatory wheeling-dealing. The rug pull is only one play. There’s also the gentler soft rug, the crypto version of getting ghosted on Hinge. And the honey pot, which functions like a trap. Old-fashioned Ponzi schemes, newly cryptodenominated, have swindled people out of billions too.

At times the result can start to resemble the Agatha Christie mystery classic “Murder on the Orient Express”: The who in this dunnit is somehow everyone. Grifters will grift. But like Maxamus, many marks actually expect to get snookered once in a while. Both sides, the swindler and the swindled, are in on this one. Elaborate social-media systems have sprung up to flag potential trouble, not only to avoid it but maybe even to profit from it.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
U.S. and Hungarian Officials Talk About Economic Collaboration and Sanctions Strategy
Technology Giants Activate Lobbying Campaigns Against Strict EU Regulations
Pope Francis Admitted to Hospital in Rome Amid Increasing Speculation on Succession
Zelensky Calls on World Leaders to Back Peace as Tensions Rise with Trump
UK Leader Keir Starmer Calls for US Security Guarantee in Ukraine Peace Deal
NATO Chief Urges Higher Defense Expenditure in Europe
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advancement.
Rubio Touches Down in Riyadh Before Key U.S.-Russia Discussions
Students in Serbian universities Unite to Hold Coordinated Protests for Accountability.
US State Department Removes Taiwan Independence Statement from Website
Abolishing opposition won't protect Germany from Nazism—this is precisely what led Germany to become Nazi!
Transatlantic Gold Rush: Traders Shift Bullion in Response to Tariff Anxieties and Market Instability
Bill Ackman Backs Uber as the Company Shifts Towards Profitability
AI Titans Challenge Nvidia's Supremacy in Light of New Chip Innovations
US and Russian Officials to Meet in Saudi Arabia Over Ending Ukraine Conflict. Ukraine and European leaders – who profit from this war – excluded from the negotiations.
Macron Calls for Urgent Summit as Ukraine Conflict Business Model is Threatened
Trump’s Defense Secretary: Ukraine Won’t Join NATO or Regain Lost Territories
Zelensky Urges Europe to Bolster Its Military in Light of Uncertain US Backing
Chinese Zoo Confesses to Dyeing Donkeys to Look Like Zebras
Elon Musk is Sherlock Holmes - Movie Trailer Parody featuring Donald Trump's Detective
Trump's Greenland Suggestion Sparks Sovereignty Discussions Amid Historical Grievances
OpenAI Board Dismisses Elon Musk's Offer to Acquire the Company.
USAID Uncovered: American Taxpayer Funds Leveraged to Erode Democracy in Europe Until Trump Put a Stop to It.
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
×