Waltonchain Token Crashes after Epic Twitter Gaffe!
A lesson in how NOT to run a promotion for your valued investors!
- Run a contest on Twitter with a goal of spreading awareness about your platform.
- After the contest ends, announce the 'randomly selected' winners on your Twitter account
- Couple minutes later, from the same Twitter account, tweet that you were one of the lucky winners!
And that's exactly what Waltonchain did...and the reward, a 30% dip in market cap, costing investors millions of dollars.
Here is how it all played out...
On February 8th, Waltonchain ran a promotional campaign on Twitter. If you commented on their Twitter feed and tagged a friend, you were eligible to win a split of 564 Walton Coins (WTC). Each of the 213 lucky winners were due to receive coins worth about $58 US. Then yesterday on the official @waltonchain Twitter account, the winners were announces...
And this is where it get's good...and by good, I mean really shady. The same person who posted the winners, quickly turned around and sent this Tweet from the same exact corporate Twitter account (@waltonchain)..
So really what happened, is that Waltonchain manipulated the list of winners and inserted some of their own employee/dummy account winners into it. Whoever posted the 'I won' tweet naturally did not log out of Waltonchain and into their designated twitter account.
There you have it...this had it all....scam, greed, manipulations, lying, and one or more dumb employees.
Wow, talk about getting caught with your hand in the cookie jar. How stupid is that!!!! To screw up the entire community over a few measly bucks worth of cryptos. It borders on the absurd and it once again makes Cryptocurrency look like a scam, run by hacks and greed driven get rich quick Ponzi schemers. While I do have faith in blockchain technology, I am somewhat suspect of Cryptocurrency At this stage of the game. I am invested in Tron, Verge, Digibyte, and ETHlend at the moment. Thanks for the heads up on Walton. 👍
Beyond stupid...here you are trying to create goodwill and instead you erase more than $100 million in market cap. The bad ones will be weeded out but you must do your due diligence at this time...it's the Wild West!!
Nice you to share what coins/tokens you are leaning towards...Ill have to delve more into a couple of the ones you listed.
Thanks for stopping by and taking the time to comment!
Really, all it shows is how little actual backing the coin has by a real company. If they had any real world value it would not have affected the market value that much. It just goes to show the fickle value of some of these coin launches.
That is a good point as well. The whole crypto market is still fragile, in my opinion, but has shown some nice resiliency and hopefully a floor in the last few weeks.
Funny and sad event! Very good post, worth the upvote. This mistake must remind people how many other scams are not accidently revealed... Thanks have a nice day!
Yeah agree...sad more than anything. If you are going to run a contest, run it fair and square. You have a market cap of more than $500 million! Just let the goodwill play out from the contest...you don't have to create extra hype.
Human stupidity is invincible!!! And unfortunately... seems that some people the more gte money the more become stupid... Thanks for reply!!!
Lol, what a story
Yeah, at first I could not believe it either...makes for a great post :)
Just shady! And all that just for them to safe about 1 BTC worth of Walton Coins.
EXACTLY!!! for a half billion dollar business it should be a drop in the bucket...
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