FezWeb3 Scams Followers with $KISS Meme and 2SOL Token Dump

FezWeb3 accused of a pump-and-dump scam involving $KISS and 2SOL tokens, leaving followers with significant losses.

FezWeb3, a crypto influencer, has been accused of orchestrating a pump-and-dump scheme involving the $KISS meme coin and the 2SOL token. According to reports, FezWeb3 promoted these assets on social media, leading followers to invest.

Once the price of the tokens surged, he allegedly sold off his holdings, causing the value of the tokens to crash. The incident has sparked backlash from the crypto community, with many calling it a classic “rug pull” scam.

The Alleged Pump-and-Dump Scheme

FezWeb3 reportedly used his influence to generate hype around the $KISS meme coin and the 2SOL token. He encouraged his followers to buy these tokens, claiming that major influencers, or KOLs (Key Opinion Leaders), were involved.

The strategy worked, and the price of the tokens rose, driven by the increased interest from FezWeb3’s followers.

Once the price had risen, FezWeb3 is accused of selling off his large personal holdings of both tokens.

This sudden sell-off caused the value of the tokens to fall drastically, leaving his followers with significant losses. The scam resembles a typical pump-and-dump scheme, where the price of an asset is artificially inflated before insiders sell off their holdings.

Community Reaction to FezWeb3’s Actions

The incident has caused an uproar within the cryptocurrency community. Many users on social media platform X (formerly Twitter) have expressed their frustration and disappointment.

Several have accused FezWeb3 of exploiting his followers for personal gain, warning others to be cautious when following social media influencers in the crypto space.

Some followers who were affected by the drop in token prices have called for greater transparency and accountability from influencers promoting digital assets.

As the crypto market continues to grow, users are becoming more aware of the risks involved in following the advice of influencers, especially when it comes to newly launched tokens.

Related Reading:  Australia Has Recorded More Than 3,000 Crypto Scams In The Last Two Years

How to Protect Yourself from Crypto Scams

The situation involving FezWeb3 serves as a reminder of the risks in the cryptocurrency market. Experts recommend several strategies for avoiding similar scams.

The first piece of advice is to be skeptical of influencers promoting assets. Many influencers are paid to promote tokens, and they may not disclose their own involvement or financial interest in the assets.

Another key recommendation is to do your own research (DYOR) before investing in any cryptocurrency. Investors should carefully review the details of a token, checking for things like a whitepaper, real-world utility, and transparency.

Additionally, it is essential to be wary of “get rich quick” schemes, as these often turn out to be fraudulent.

Finally, users are advised to avoid purchasing tokens through unofficial channels, such as private Telegram or Discord groups.

These are common places where scams are promoted, and buying through these platforms can lead to significant financial loss. Always ensure that you are dealing with legitimate and verified platforms when making any cryptocurrency investments.

The post FezWeb3 Scams Followers with $KISS Meme and 2SOL Token Dump appeared first on Live Bitcoin News.