Walton Chain Contest Rigged For Shilling
As I’ve said before, most Alt Coins are nothing but shady pump and dump boiler-room ponzi schemes, waiting to fleece the unsuspecting sheep.
The internet-of-things blockchain project Waltonchain felt the pain today, with a Twitter public relations disaster leading to the destruction of tens of millions of dollars in the Walton Coin market cap.
Unhappy supporters soon realized what was behind the curtain in events that unfolded next.
On Feb. 8, the Waltonchain team posted a contest to Medium to spread awareness about the platform. If you followed the @Waltonchain Twitter account, quote-retweeted a specific tweet, included #WaltonchainLove in your comment, and tagged someone, then you were eligible to split a pot of 564.96 Walton Coins (WTC) with 213 other people.
According to CoinMarketCap, on Feb. 8 a single WTC was worth approximately $22. Winner had the opportunity to win around $58 for just tweeting. Fair enough.
The problem came when the official Waltonchain Twitter account decided to announce the contest winners on Feb. 28.
Someone from the Waltonchain Twitter account tweeted out a phony message that read like it was just a lucky winner, excited about winning the contest. The tweet was promptly deleted, but not before the internet pointed out the scam: A screenshot was posted to Reddit, people called the contest rigged, the company a scam, and a massive selloff soon followed. #RIGGEDCOIN.
The funny thing is, from a technical analysis standpoint, the selling was going to happen regardless. On Feb 5th, we posted that WTCBTC was doomed to crash.
Fits like a glove.
First target was reached, and almost carried down to the second target posted. And people say technical analysis is useless. I guess I got lucky right, but not as lucky as those WTC contest winners!