By making false statements about the stocks’ value and their intention to hold on to it, the defendants convinced the masses to buy in, and that unsurprisingly drove up the stock’s price well beyond its intrinsic value, thus allowing the stated influencers to exit their position at a massive profit. Going by the available details related to the case, these influencers, who were part of a Discord forum called Atlas Trading, used that channel and their huge Twitter following to promote stocks that they had bought in large quantities. The US Department of Justice has officially charged eight online finance influencers with criminal securities fraud in relation to what is believed to be a multi-million dollar pump-and-dump scheme. The same has turned more and more evident in recent times, and truth be told, DoJ’s decision against a new Discord-centric fraud will only solidify its traces moving forward. After a lengthy spell in the wilderness, though, it seems like the regulatory contingent is finally ready for a meaningful comeback. In case this somehow didn’t sound bad enough, the whole runner soon began to materialize on such a massive scale that it expectantly overwhelmed our governing forces and sent them back to the drawing board. You see, the moment technology got its layered nature to take over the scene, it allowed every individual with an unprecedented chance to exploit others for their own benefit. Talk about what caused it to dissipate so soon, the answer will touch upon technology before it covers anything else. Now, the kind of utopia you would generally from such a development did arrive, but at the same time, it failed to stick around long. Having a well-defined authority across each and every area was a game-changer, as it instantly concealed our many shortcomings. We will, however, solve our conundrum in the most fitting way possible, and we’ll do so by bringing dedicated regulatory bodies into the fold. This dynamic has already been reinforced quite a few times throughout our history, with each testimony practically forcing us to look for a defensive cover. As smart as they are known to be, human beings just cannot keep themselves away from making mistakes.
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