A scammer named Huangxin created a masterplan to manipulate the big whales to trap the small time investor Coinbene. The story revolves around the Wechat crypto community of a Maga scam.
Huangxin conducted a meeting among the big whales to plan a process they can use to generate small time investors and make the profit for themselves. Big whales were impressed by this idea of the scammer. He convinced them to be a part of the scheme as shareholders.
A huge amount of 5 million coni was entrusted by the whales who believed Huangxin. He pretended in a way that he made profit from the shares and gave their shares 2000 – 7000 coni as one stock bonus to the investor whales. He made the investor believe that the scheme is successful and is implemented well. He earned trust from the whales this way. They were excited to start harvesting small investors and that was his masterplan.
Huangxin explained to Coinbene that the price of coni can be increased, using black box strategy, to 12 RMB. But the authorities were not convinced by his idea. He again proposed another idea to increase the price of coni only for a short time and after that, he would work with the authorities to return coni to the original price. When the authorities increased the price Huangxin sold a bulk of his coni and made a lot of profit.
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He didn’t work with Coinbene exchange to bring coni to the original price instead he left them to resolve the problem. To resolve the issue the official had to sacrifice tons of ETH for.
He again planned a tricky trap. He proposed a new plan to the Whales that he was going to work towards increasing coni price and they didn’t have to do anything. Having gained the trust of the whales the whales gave Huangxin 50 million coni and 5000 ETH. Huangxin sold all his coni.
At last the small time investor Coinbene and the big whales got trapped by Huangxin tricks.
A Redditor commented saying, “I don’t get it. One does not simply adjust the price on an exchange… and the end of the story reads like he just exits scammed”
Another Redditor commented, “Coni price doesn’t reflect any of this. Seems like folklore to me.”
Image via Shutterstock
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