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In a $12 million pump and dump operation, an ex-SafeMoon marketing chief has been caught

Pump and dump tactics are becoming more common as the bitcoin market evolves and digital assets become more popular. Famous people utilize their clout to laud a cryptocurrency and so influence its price, while simultaneously selling off a large portion of their supply of the coin at the inflated price.

Ben Phillips, a well-known online personality, was recently exposed as a co-conspirator in a pump-and-dump scheme. SafeMoon, an altcoin project on the Binance Smart Chain (BSC), is the cryptocurrency in question, as YouTuber Stephen Findseisen, a.k.a. Coffeezilla, said in a video posted on April 13. A whistleblower alerted Findeisen to the story.

Phillips, the former head of SafeMoon’s crypto marketing team who now runs a joke YouTube channel, would openly declare himself bullish and have “diamond hands,” urging his 749,000 Twitter followers to “buy the dip.” However, he was making millions of dollars by selling the coin at an inflated price behind the scenes.

The plan starts to go apart.

Phillips did expose his crypto wallet information when urging his followers to ‘get him Starbucks,’ despite the fact that no damning evidence could be located on his Twitter alone. This turned out to be a mistake because it permitted anyone to scrutinize his transactions.

According to the detailed analysis carries out by Findeisen:

“Plotting out when Ben sold, and how much he sold, we see that even at the beginning of Safemoon, when he first joined, he wanted to dump as fast possible. Ben’s biggest sells are in April, even while he appears to be at his most “bullish”.”

Findeisen has prepared a graphic that shows Phillips’ selling activity over time to substantiate his case.

Source: Coffeezilla

“For example, he says “F*CK LOOSE HANDED #SAFEMOON #DOGE WHALES” on the 29th of March,”
“even as he’s about to begin a spree of selling for ~$8.8 million dollars in April.”
“This public stance of thinking the coin was going up, as he was secretly selling,”
” will become a pattern of behavior,”
So, Findeisen explains.

In addition, the YouTuber included screenshots of all the tweets in which Phillips made similar remarks, arranged by date, as well as thorough information on his dumping and even relevant BscScan links that show all of his transactions in detail.

Finally, Findeisen brought the investigation to a close by calculating Phillips’ vast wealth as a result of his scheme:

“Ben bought Safemoon on PancakeSwap for a total of $4M, while selling $16M.”
“The net, according to our calculations, was that Ben profited roughly $12M on Safemoon.”

Table showing Phillip’s estimated profit from the scheme. Source: Coffeezilla

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