This unknown cryptocurrency rose 164.842% in hours, solely to crash 99% – Cointelegraph


About $ 7.65 billion hit the cryptocurrency market in just three hours on June 14 via a largely unknown altcoin.

The token price known as WebDollar (WEBD) rose from $ 0.0003711 to $ 0.6121 between 0900 GMT and 1200 GMT. That meant just over 164.842% profit on the market valuation. Nevertheless, the price increase was accompanied by a decrease in volume; they fell from around $ 345.2,000 to $ 318.94,000 during the rally.

The breakdown of those three hours of wild price movement illustrated a sequence of incredible pumps and dumps.

According to data from, the first WEBD jump increased its market cap from $ 1.84 million by 0954 GMT to $ 1.5 billion by 0959 GMT – that’s just three minutes.

Later, starting at 1039 GMT, market capitalization dropped to $ 5.12 million, followed by a further increase to $ 9.5 billion at 1129 GMT.

At one point, WebDollar was the 18th largest cryptocurrency project by market capitalization, beating more established blockchain protocols like Stellar, VeChain, and Tron.

WebDollar’s market cap explodes by more than $ 7.65 billion in a matter of hours, only to plummet 99% later. Source:

But then the volatile madness ended when the token’s market valuation plummeted more than 99% less than two hours after peaking at $ 9.5 billion. As of 7:00 a.m. GMT Tuesday, it was $ 10.38 million. Meanwhile, WebDollar’s crypto ranking dropped from 18 to 873.

The IndoEx factor

WebDollar’s pricing action on Monday showed features of a pump-and-dump token. Worryingly, the project’s market cap sped up and down billions of dollars, even though trading volume remained in the $ 400,000 range. And if you look closely, 99.23% of its trading activity came from a single exchange called IndoEx.

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

IndoEx LTD is registered in the United Kingdom under company number 12029621. The exchange is said to be headed by a person named Collins Spencer who serves as its chief executive and financial officer. Another company called Grace North is currently serving as IndoEx’s chief technology officer.

Cointelegraph’s attempt to track down the two executives on LinkedIn and Twitter yielded no results. Meanwhile, a run of IndoEx reviews by its previous customers revealed that they accused both Spencer and North of wearing fake identities.

“Spencer Collins (CEO / CFO), Grace North (CTO) is a wrong person, works as a support in Telegram chat,” wrote Leo99 in his complaint in the Bitcoin forum “Continuously postpone solving all problems to the future or ignore news.”

A closer look at IndoEx LTD’s official filings with the UK Registrar Office revealed that it received a First Gazette Notice in November 2020 for not disclosing details about its shareholders. The company responded to the agency with just one name, Collins Spencer, who owns 1,200 shares, suggesting that IndoEx is a sole proprietorship.

The British registrar later overturned the notice against IndoEx LTD. Nonetheless, the exchange continues to operate without approval from the UK’s Financial Conduct Authority (FCA).

FCA Directory did not return results that match IndoEx LTD

The research led to three important findings:

  • The WEBD price pump and dump comes from an exchange called IndoEx which operates under a UK registered company IndoEx LTD.
  • Collin Spencer, the company’s sole stakeholder, doesn’t exist anywhere on social media.
  • IndoEx’s LinkedIn profile boasts of 10-50 employees, but only three of them use the business-centric social media service. All of them have hidden Linkedin profiles and are from Indonesia, not the UK.

Evidence so far suggests that IndoEx helped single-handedly pump and deflate the WEBD token on Monday. The token traded unchanged during Tuesday’s June 15th session.

Leave A Reply

Your email address will not be published.

Contact Us