Bitlord’s Mong Coin: A Pump and Dump Scam

Influencer bitlord7, who boasts a substantial following of over 300,000 individuals, recently introduced Mong Coin, a meme token built on the Ethereum blockchain. Collaborating with a team of co-founders, he asserted that the token's launch was conducted in a fair manner, assuring that no tokens were sold by him or his associates.

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However, there exists evidence suggesting bitlord7 and his team's involvement in a pump-and-dump scheme. This type of investment fraud involves artificially inflating the price of a security by orchestrating its purchase, only to subsequently sell it off at an inflated price, ultimately leaving unsuspecting investors with substantial losses.

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Regarding Mong Coin, bitlord7 and his team purchased a significant quantity of tokens prior to announcing the launch. Subsequently, they proceeded to unload these tokens onto their followers and other investors after the price had experienced a considerable surge. This pattern is evident in the sharp rise in the value of Mong Coin following its launch, followed by a rapid crash.

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The aforementioned behavior aligns with the characteristics of a classic pump-and-dump scheme, and it is crucial to remain vigilant in order to avoid falling victim to such activities.

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Below, you will find the addresses and supporting evidence associated with these allegations:

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- Tweets announcing their "fair" launch:

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- Tweet 1: https://twitter.com/crypto_bitlord7/status/1651243750369140738

- Tweet 2: https://twitter.com/mong_coin/status/1651255660825448449

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- Address that acquired almost 2% of the total supply of Mong Coin, worth only $866, several hours prior to the official launch tweet by the Mong Coin Twitter account:

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- Address: 0x7bac46cFDb3995aa583Af4AC5187f1c9Dc41772D

- Amount: $866

- Mong Coin Quantity: 11,956,446,024,186 tokens (<2%)

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0x7bac46cFDb3995aa583Af4AC5187f1c9Dc41772D

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- Notably, this is not attributed to a bot or sniper, as the connected wallets solely hold and acquired Mong Coin.

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Furthermore, the acquired Mong Coin was subsequently divided evenly into 11 different wallets, with one of them, 2xE9b062BBB3d7c3A7c30994D4208817fE3210a27b, belonging to WSBMOD (the same individuals involved in the fraudulent actions associated with WBC Coin). WSBMOD received additional Mong Coin from 20 different wallets and proceeded to sell it off indiscriminately.

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Last month:

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0x34212a778E9d703CcE14564d7B8efBa78a15b9FA - received 1.2 trillion tokens, dumped 66% of their holdings

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0xF0810eB1CB69a38E4378729fA16261836832d583 - received 1.2 trillion token, dumped 60% of their holdings

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0x4EC7C1f4e0ef9DCAa5453afdC8674c37A2D8f8E5- received 1.2 trillion token, dumped 60% of their holdings

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0x5Ec6164aAa33Eca3Bd8B27A6bAdcD32fe718dE9A- received 1.2 trillion token, dumped 60% of their holdings

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0xeE5f642896936DfbD8bc288EFC4ef9E36fDEeb64- received 1.2 trillion token, dumped 65% of their holdings

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0x8CBADC9176199e0f4e0C4079500D65635b309fB8 - received 1.2 trillion token, dumped 55% of their holdings

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0xE3ff861bE3d87ec0ef8da47Cb1304117396FED8b - received 1.2 trillion token, dumped 55% of their holdings

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0x1cEC7858A10767e099c72C0A9491D6d53c36aB64 - received 1.2 trillion token, dumped 55% of their holdings

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0x3592348675b6cCaD715536BA0bC4E2C169371939 - received 1.2 trillion token, dumped 55% of their holdings

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0x9D0fee5d6Cd2DAdA5FAFe1e408a8Bc4e380c985c - received 1.2 trillion token, dumped 55% of their holdings

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A question one might come up with is how does one prove these addresses belong to the influencer and or his team. These addresses seem to have bought Mong hours before the launch. Now these could have been snipers or bots but if they were, they would've bought every coin launch. But these wallets only contain and bought Mong. Still to this day, millions of dollars of it, being dumped on investors constantly.

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This is only one of many cluster of transactions that I’ve found. I’m sure if I looked more, there would be plenty more similar to this. This is illegal, and everyone should be made aware of the dangers of investing into meme projects. Stay safe friends.