As per a Bloomberg News story, at least $2 million of a cryptocurrency conspiracy was recently tossed from investors of Wall Street Bets, enticing them to invest in new crypto coins associated with the famous meme stake. 

Moderators of the infamous Reddit Forum have already warned users for weeks to stop fraud based on the good credibility of the WSB. An article published calls on members of the community to be aware of WSB items offers. 

“People keep posting a press release about an official Wall Street Bets distributed app. (Aka, a crypto pyramid scheme). Nothing could be further from the truth. We are strongly anti-monetization. This scam has nothing to do with us,” as per the report. 

Many people have skipped the memo, as a couple of WSB enthusiasts have recently been scammed by this ilk. In reality, lately, an offer has been made available on the chat app Telegram, ordered by a "Wall Street Bets — Crypto Pumps" account. These "Crypto Pumps" claimed that it offered bet enthusiasts the opportunity to invest in the latest crypto token known as "WSB Finance." In the domain of cryptocurrency, such an arrangement is called the "premise sale," which allows an early investor to purchase a token until the crypto exchange reaches as well as the public distribution is more widespread. 

Potential buyers were instructed to submit Binance Coin or Ether to a crypto wallet and then contact the "token bot" on the site that would transfer the tokens for the user WSB Finance. It's been not much until the ETH and BNB flowed into the wallet of Crypto Pump. 

Nevertheless, a little snack came from the buyers. " Pumps" alerted everyone that there was an issue with the bot soon after the coinage was pocketed, it was faulty. This will lead to even more users sending crypto payments, or “lose their initial investment,” reports Bloomberg. 

Innately, the "WSB Finance Tokens" are not present as well as the coins also never appeared. Whatever fraudsters they were, they made up to some 3,451 Binance coins – a total of some $2.1 million once converted into real-world currency. The suspects could also have rendered unspecified contributions by Ether donations. 

Before the “Crypto Pumps” profile disappeared from Telegram, the page’s administrator had one final message to share. The fraudster wanted victims to know how the ill-gotten winnings would be spent: “Buying Lambo now,” they said.