The Crypto Buzz


Carter Herman, Contributor

What is Crypto-currency? Oxford Languages defined cryptocurrency (cc) as “a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority”. When Crypto emerged in 2009, it was used for “shady” business dealings and was a “taboo” form of payment used by millennials. Now, cryptocurrency is a common form of payment and can be accessed with a simple click of a button. With the heroic rise of cc, an opportunity for those fluent in cryptocurrency has appeared in which they can affect the malleable markets.  

In the words of the SEC (Securities and Exchange Commission), “Market manipulation may involve techniques that include: spreading false or misleading information about a company; engaging in a series of transactions to make a security appear more actively traded”. Proprietors of these schemes use tools such as the Telegram App (an encrypted messaging app), where future victims are messaged and given “once-in-a-lifetime advice.” Here they are given a typical speech about the opportunity they might miss out on if they do not invest. Possibly regarding a “breakthrough” or “cutting-edge” revelation. 

These mass-produced phrases are sent through bots on the Telegram App. These messages are received by thousands, resulting in factitious inflation of a specific cc. By this time perpetrators have already bought loads of the crypto. And as it hits the desired price the perpetrators sell all their shares. However, these crimes go unnoticed because of the lack of tracing. Most of the crimes occur with small-time tokens and most origins are unknown.

It’s estimated by the FTC (Federal Trade Commission), that around forty-six thousand people in 2021 were victims of crypto scammers. These losses totaled billions of dollars in loss. Crypto-currency scams are becoming ever more prevalent. The future of secure markets and buying Crypto-currency is uncertain. Millions have profited, and it is a seeming reality that Crypto-Currency is the way to the end for better or worse.