The CEO of London Football Exchange (LFE), Jim Aylward, has been caught boasting about manipulating the project’s token price to investors. Aylward was heard explaining how he and his team are “totally manipulating” the token price and how they control 95% of the token holders, just days after it was revealed that Aylward could in fact convicted fraudster, James Abbass Biniaz.
“Everything’s Going According to Plan”
The revelations about Aylward, or Biniaz, surfaced earlier this week when Australian radio show host Gareth Parker obtained a recording detailing the lengths that Biniaz and the LFE team are going to in order to control the price of the LFEC cryptocurrency, which he broadcast on his show on News Talk 6PR 882. In the recording, Biniaz outlines just how centralized the token holding is:
We are totally manipulating the price at the moment. We control about ninety-five percent of the token holders, which means people will hold when we want them to hold and sell when we want them to sell.
Biniaz then goes on to explain exactly how and why they are manipulating the token price:
So what we’re doing at the moment is bringing up and then starting to drop the price […] So the exercise for the last week has been basically trying to tempt people that we’re not in communication with to sell, and ultimately we’ve been quite successful at that so far…
Biniaz signs off with a cheery reminder that everything is in hand:
Keep an eye on the price guys, but don’t be concerned about prices tanking etcetera – we’re alright, everything’s going according to plan.
Biniaz, who is currently trying to buy 80% of Perth Glory soccer club, has failed to respond to 6PR’s request for comment, only stating in a chat room post that he was “not responding to accusations” and that he was “not allowing personal attacks on me to affect the project”.
LFE Already in Legal Trouble
This recording could scupper Biniaz’s attempts to buy Perth Glory, and if it were to fail it would represent the second such failure in a year – LFE tried to buy French club FC Nantes in 2019, but Biniaz failed to come up with the money.
If that wasn’t bad enough, LFE is also being sued by Miami-based investment firm 777 Partners in relation 777’s attempted purchase of a Spanish soccer club, although details of this case are under seal. Manipulation in the crypto market is of course nothing new, but to hear it spoken about so explicitly is a tacit reminder of the murky waters in which cryptocurrency can operate.
It’s not often we offer such explicit advice with regard to the buying and selling of tokens, but dear God, if you value your money, stay away from London Football Exchange and their LFEC token.