True nature of $898 million (1 trillion KRW) and $27 million (30 billion KRW) clubs within cryptocurrency markets has emerged as a hot topic.
Within some companies that had recently carried out ICOs (Initial Coin Offering) and various relevant communities, there are lots of talks about existence of $898 million crypto club. Some even claim that $27 million club, which is the low-rank group of the two, is active under a name called ‘Control Tower’.
Some even report that these communities do not simply operate their own social groups, but they gain enormous amount of profit by exercising their influence on prices of ‘jap-coins’.
According to related industries, there is a growing number of rumors about $898 million and $27 million crypto clubs operating under strict security systems.
“I heard that one of investors that I know was recommended by a person who claimed to be a secretariat of these communities to join them.” said a CEO of a cryptocurrency company. “People who join these communities must prove breakdowns of their profits through cryptocurrencies and they are told not to share their membership with others.”
A problem rises from the fact these clubs are rumored to be participating in control of market prices of jap-coins.
“There is a rumor that these clubs are involved with market price of a cryptocurrency that is classified as a jap-coin.” said a CEO of a startup that carried out reverse ICO. “Some members from $898 million join hands with investors from $27 million club and they are involved with market prices of cryptocurrencies by forming a group that is composed of a purchase team, a firepower team, and a dish-washing team.” He testified that this group usually invests about $18 million (20 billion KRW) at once and exercises its influence on prices of coins.
Purchase team is responsible for purchasing coins. Firepower team is responsible for raising prices of coins while dish-washing team is responsible for escaping markets after fulfilling so-called future profit.
There is even a rumor about an intervention by Chinese investors. Chinese investors who have accumulated enormous amount of money through Bitcoin and others are also operating ‘$898 million club (another name: cryptocurrency rocket group) and they are rumored to be sharing information with South Korean investors and exercise their influence on cryptocurrency markets.
“There are many incidences where prices of coins such as ‘m coin (alias)’ are set completely different from actual prices within cryptocurrency exchanges.” said many representatives from this industry. “There is a chance these clubs may have intervened in this process.”
Of course no official sites or traces have yet to be exposed still. However, Some are claiming that true nature of these clubs must be exposed as detailed situations surrounding these clubs are being mentioned.
“Rumors about these groups are starting to spread within markets.” said an administrator of a cryptocurrency exchange. “We hope that South Korean Government or qualified authorities tell us about the true nature of these groups to clear our these rumors.”
Staff Reporter Gil, Jaeshik | osolgil@etnews.com