TLPY Spam Alert: TelUPay Penny Stock Scam
We're blocking a TLPY (TelUPay) penny stock pump and dump spam campaign that hit just before the opening bell. Although it looks fairly obvious, this morning's stock ticker indicates the pump and dump worked. Don't become a victim of these scams.
About the Stock Spam
Within an hour, our filters blocked about half a million messages. Here's an example of this morning's campaign.
This stock scam doubled the price of TLPY shares at the opening bell before plummeting.
For those of you who need to do your own filtering to block this campaign (our customers don't need to), here is a redacted header from one of the messages:
How Pump and Dump Spam Works
In a Pump and Dump campaign, the scammers try to inflate the price of a stock (usually an easily manipulated "penny stock") by spreading false information urging people to buy it. That's the "pump". After the price surges from the buying frenzy, the scammers quickly sell their shares, making a lot of money. That's the "dump". Of course, the share price then collapses, leaving investors who fell for the scheme holding stock they cannot easily sell for a profit.
We've seen and blogged about these spam campaigns before. Sometimes they work, sometimes not. It appears this one worked. The campaign started hitting our spam filters about 10 minutes before the opening bell. Then, shares of TLPY opened at 0.26 on the OTC markets, twice their previous closing value of 0.13. The price quickly plummeted afterward, down to 0.20 by 11:30am.
Today's Pump and Dump of TLPY appears to have worked.
Nothing indicates the company was behind this scam. The scammers are often just temporary shareholders who buy and sell to make money off of the scam.
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