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

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About $7.65 cardinal entered the cryptocurrency marketplace successful conscionable 3 hours via a wide chartless altcoin connected June 14.

Dubbed arsenic WebDollar (WEBD), the token's per-unit terms surged from $0.0003711 to $0.6121 betwixt 0900 GMT and 1200 GMT. That marked a small over 164,842% gains successful its marketplace valuation. Nevertheless, the terms spike accompanied declines successful volumes; they dropped from astir $345.2K to $318.94K during the rally.

Breaking down those 3 hours of chaotic terms enactment illustrated a series of unthinkable pumps and dumps.

According to information fetched by, the archetypal WEBD leap took its marketplace capitalization from $1.84M astatine 0954 GMT to $1.5B astatine 0959 GMT — that's conscionable 3 minutes.

Later, arsenic of 1039 GMT, the marketplace capitalization fell backmost to $5.12M, followed by different spike to $9.5B astatine 1129 GMT.

At 1 constituent successful time, WebDollar had go the 18th largest cryptocurrency task by marketplace cap, beating much established blockchain protocols similar Stellar, VeChain and Tron.

WebDollar's marketplace headdress explodes by much than $7.65B wrong a fewer hours, lone to clang by 99% later. Source:

But then, the volatile madness came to an extremity arsenic the token's marketplace valuation crashed by much than 99% little than 2 hours aft topping astatine $9.5B. As of 0700 GMT connected Tuesday, it was $10.38M. Meanwhile, WebDollar's crypto ranking fell from 18 to 873.

The IndoEx factor

WebDollar's terms enactment connected Monday showed characteristics of a pump-and-dump token. Apprehensively, the project's marketplace capitalization sprinted upward and downward by multi-billion dollars adjacent arsenic its trading measurement remained confined wrong the $400K range. And looking closely, 99.23% of its trading enactment originated from a azygous speech called IndoEx.

Most of the WEBD volumes during the token's pump-and-dump were recorded astatine IndoEx cryptocurrency exchange. Source: 

IndoEx LTD is registered successful the United Kingdom nether institution fig 12029621. The speech is said to beryllium headed by a idiosyncratic named Collins Spencer, who serves arsenic its main enforcement and fiscal officer. Another entity, called Grace North, presently serves arsenic IndoEx's main exertion officer.

Cointelegraph's effort to find the 2 executives connected LinkedIn and Twitter returned nary results. Meanwhile, a tally done IndoEx's reviews by its erstwhile customers showed them accusing some Spencer and North of bearing fake identities.

"Spencer Collins (CEO/CFO), Grace North (CTO) is fake person, enactment arsenic enactment successful telegram chat," wrote Leo99 successful his grievance connected Bitcoin forum "Continually postpone solving each problems for the aboriginal oregon disregard messages."

A deeper look into IndoEx LTD's authoritative filings with the UK Registrar bureau showed that it received a First Gazette Notice successful November 2020 for not sharing details astir its shareholders. The institution responded to the authorization with lone 1 name, Collins Spencer, who holds 1200 shares, hinting that IndoEx is an individually-owned company.

The U.K. Registrar aboriginal struck disconnected the announcement against IndoEx LTD. Nonetheless, the speech continues to run without support from the UK Financial Conduct Authority (FCA). 

FCA directory returned nary results matching IndoEx LTD

The probe led to 3 cardinal takeaways:

  • The WEBD terms pump-and-dump originated from 1 speech called IndoEx, operating nether a UK-registered entity IndoEx LTD.
  • Collin Spencer, the lone stakeholder successful the company, does not beryllium anyplace connected societal media.
  • IndoEx's Linkedin Profile boasts astir having 10-50 employees, but lone 3 of them are utilizing the business-oriented societal media service. All of them person hidden Linkedin profiles and are from Indonesia, not the UK.

Evidence truthful acold points that IndoEx was instrumental successful single-handedly pumping and dumping the WEBD token connected Monday. The token was trading level during the Tuesday league of June 15.

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