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WallStreetBets Subreddit Targeted By Scammer Who Is 'Buying Lambo' After Raking In $2.25M

May 5, 2021 12:35 pm
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WallStreetBets Subreddit Targeted By Scammer Who Is 'Buying Lambo' After Raking In $2.25M

Members of the trading subreddit WallStreetBets fell victim to a targeted scam.

What Happened: According to a Tuesday's Bloomberg report, a scam targeting WallStreetBets could have left its victims with at least $2 million in losses.

A Telegram group named “WallStreetBets – Crypto Pumps” pitched its users to invest in a token called WSB Finance (CRYPTO: WSBFINANCE) before a purported listing on cryptocurrency exchanges.

Readers of the announcement were invited to send Binance Coin (CRYPTO: BNB) or Ethereum (CRYPTO: ETH) and then contact the token distribution Telegram bot to receive their tokens.

The authors of the announcement were unaffilliated with the administrators of the WallStreetBets subreddit, and those who sent their crypto assets to the address were warned that the tokens could not be delivered because of a purported problem with the bot.

Those users were then prompted to send the same amount of crypto assets to the address again to avoid losing what they invested in the scam so far.

According to Bloomberg, over 3,451 BNB — equivalent to about $2.25 million as of press time — were already moved away from the wallet where the victims of the scam were prompted to send their assets.

See also: Just Call Them ETPs: WallStreetBets Founder Jaime Rogozinski Launching Blockchain Powered Exchange Traded Portfolios

The scam followed a recent announcement that is currently pinned on top of the WallStreetBets subreddit warning of scams such as this one, clearly stating that any investment with its name is unrelated to it.

The scammer is seemingly happy with themselves right now, as suggested by his last message in the group – "Buying lambo now."

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