This unknown cryptocurrency soared by 164,842% in hours, solely to crash 99%


About $7.65 billion entered the cryptocurrency market in simply three hours through a extensively unknown altcoin on June 14.

Dubbed as WebDollar (WEBD), the token’s per-unit worth surged from $0.0003711 to $0.6121 between 0900 GMT and 1200 GMT. That marked a little bit over 164,842% positive factors in its market valuation. However, the worth spike accompanied declines in volumes; they dropped from round $345.2K to $318.94K throughout the rally.

Breaking down these three hours of untamed worth motion illustrated a sequence of unbelievable pumps and dumps.

In line with information fetched by, the primary WEBD soar took its market capitalization from $1.84M at 0954 GMT to $1.5B at 0959 GMT — that is simply three minutes.

Later, as of 1039 GMT, the market capitalization fell again to $5.12M, adopted by one other spike to $9.5B at 1129 GMT.

At one cut-off date, WebDollar had develop into the 18th largest cryptocurrency venture by market cap, beating extra established blockchain protocols like Stellar, VeChain and Tron.

WebDollar’s market cap explodes by greater than $7.65B inside just a few hours, solely to crash by 99% later. Supply:

However then, the unstable insanity got here to an finish because the token’s market valuation crashed by greater than 99% lower than two hours after topping at $9.5B. As of 0700 GMT on Tuesday, it was $10.38M. In the meantime, WebDollar’s crypto rating fell from 18 to 873.

The IndoEx issue

WebDollar’s worth motion on Monday confirmed traits of a pump-and-dump token. Apprehensively, the venture’s market capitalization sprinted upward and downward by multi-billion {dollars} whilst its buying and selling quantity remained confined inside the $400K vary. And looking out intently, 99.23% of its buying and selling exercise originated from a single change referred to as IndoEx.

A lot of the WEBD volumes throughout the token’s pump-and-dump have been recorded at IndoEx cryptocurrency change. Supply: 

IndoEx LTD is registered in the UK underneath firm quantity 12029621. The change is alleged to be headed by an individual named Collins Spencer, who serves as its chief govt and monetary officer. One other entity, referred to as Grace North, presently serves as IndoEx’s chief expertise officer.

Cointelegraph’s try and find the 2 executives on LinkedIn and Twitter returned no outcomes. In the meantime, a run via IndoEx’s evaluations by its earlier clients confirmed them accusing each Spencer and North of bearing pretend identities.

“Spencer Collins (CEO/CFO), Grace North (CTO) is pretend individual, work as assist in telegram chat,” wrote Leo99 in his grievance on Bitcoin discussion board “Frequently postpone fixing all issues for the long run or ignore messages.”

A deeper look into IndoEx LTD’s official filings with the UK Registrar workplace confirmed that it obtained a First Gazette Notice in November 2020 for not sharing particulars about its shareholders. The corporate responded to the authority with just one identify, Collins Spencer, who holds 1200 shares, hinting that IndoEx is an individually-owned firm.

The U.Okay. Registrar later struck off the notice against IndoEx LTD. Nonetheless, the change continues to function with out approval from the UK Monetary Conduct Authority (FCA). 

FCA listing returned no outcomes matching IndoEx LTD

The analysis led to 3 key takeaways:

  • The WEBD worth pump-and-dump originated from one change referred to as IndoEx, working underneath a UK-registered entity IndoEx LTD.
  • Collin Spencer, the one stakeholder within the firm, doesn’t exist wherever on social media.
  • IndoEx’s Linkedin Profile boasts about having 10-50 employees, however solely three of them are utilizing the business-oriented social media service. All of them have hidden Linkedin profiles and are from Indonesia, not the UK.

Proof up to now factors that IndoEx was instrumental in single-handedly pumping and dumping the WEBD token on Monday. The token was buying and selling flat throughout the Tuesday session of June 15.