May 8, 2021

WallStreetBets’ Members Targeted in Telegram Cryptocurrency Scam

Members of Reddit’s WallStreetBets forum were targeted in a probable cryptocurrency scam that could have left its victims with at least $2 million in losses.

Using the Telegram messaging service, an account called “WallStreetBets – Crypto Pumps” offered users the chance to buy a new token known as WSB Finance before it was listed on crypto exchanges, in what is referred to as a pre-mine sale. The account isn’t affiliated with the infamous stock message board.

Conditions are ripe for coaxing buyers to send money, no questions asked, with the promise of cashing in on the latest cryptocurrency boom. So-called alt-coins are posting daily gains that can exceed 1,000% and there are few obstacles to stop nefarious individuals creating tokens to pitch as the next hot thing in the digital investing frontier.

The account running the sale told users to send Binance Coin, known as BNB, or Ether to a cryptocurrency wallet and then to…

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