- Palm Beach Research Group advised investors to buy up TNT then went back on their advice
- TNT token jumped over 100% then crashed over 505 just days later
- Palm Beach Research Group long considered a scam
Palm Beach Research Group, a shadowy group of big money investors led by Teeka Tiwari, has been implicated in a pump and dump of Tierion (TNT) after the token collapsed over 50% yesterday following a huge runup. Tiwari had been a vocal supporter of the token but pulled his support for unspecified reasons, causing a landslide on the token price as his followers sold up, leaving regular token holders with massive losses.
TNT Pumps Then Dumps on Palm Beach Advice
Palm Beach announced that TNT was a “phenomenon play” alongside five other coins on May 7, recommending its members, who pay a four-figure sum to subscribe to the so-called insight from the group’s analysts, to buy the token. Tiwari had already highlighted TNT as a buy in 2019, but this latest confirmation of its status pumped the coin 107% as the leaked report hit Twitter, with ZRX and CRPT also seeing huge rises:
However, five days after recommending the token, Palm Beach abruptly pulled their recommendation, stating in an email that “information has come to our attention requiring us to sell our TNT”:
As always bringing you the latest info for free. #TeekaTiwari asks to sell all positions on $TNT. Exit out untill further notice. #tierion pic.twitter.com/6Cyuuj2G11
— rahul bhuyan (@rahulqq) May 12, 2020
Adding that a “detailed explanation” would be forthcoming, Tiwari advised his subscribers to “exit our position”, a move that was made while TNT was sitting at the top of its green candle. This mass sell caused an avalanche of sell orders to kick in, instantly ruining the portfolios and profits of anyone who bought on the way up and was not privy to the ‘information’.
Palm Beach Just an Elaborate Scam?
Palm Beach Group has long been considered an exclusive pump and dump group. The group carries a 2.5/5 rating on Trustpilot, even though no one rates it more than one star, with reviews calling the group a “BIG LIE and a BIG SCAM”, “false and misleading”, and “TOTAL SCAMMERS”. Tiwari himself is referred to in one review as a “crooked liar” whose “”research” can be found for FREE online, especially on youtube.”
Actions like those Tiwari has taken with TNT will only add to the negative perception of the group and the man himself, once more raising the question of whether it is worth joining paid cryptocurrency groups or not.
