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In 2024, the Aerospace Coin (SPACE) created a wave of speculation in the cryptocurrency market based on the false concept of digitalization in the aerospace industry and cooperation with aerospace agencies. Its operation methods are typical and highly deceptive.
Initially, the project team fabricated fake cooperation agreements and promoted videos featuring so-called experts in the aerospace field on social media and cryptocurrency communities, claiming that Aerospace Coin would connect to aerospace data rights confirmation, satellite launch crowdfunding, and other real businesses, creating an illusion of "high growth and low risk" for investors.
To quickly attract traffic, the project team also introduced incentive mechanisms such as "new user referral rewards" and "holding dividends," leveraging the social viral effect of retail investors, which in just two weeks raised the token price by over 20 times. When the price reached its peak, the project team, through anonymous accounts on decentralized exchanges, sold off more than 90% of their tokens in batches while shutting down official communities, removing the white paper, and deactivating the project’s official website.
As the selling pressure intensified, the price of Aerospace Coin plummeted by 99%, leaving countless retail investors with nothing. Subsequent investigations revealed that the so-called "aerospace cooperation" was entirely fictitious, and the expert videos were all fabricated. The project team had not even built any substantial underlying blockchain architecture; the entire project was essentially a "pump and dump" scam.
Initially, the project team fabricated fake cooperation agreements and promoted videos featuring so-called experts in the aerospace field on social media and cryptocurrency communities, claiming that Aerospace Coin would connect to aerospace data rights confirmation, satellite launch crowdfunding, and other real businesses, creating an illusion of "high growth and low risk" for investors.
To quickly attract traffic, the project team also introduced incentive mechanisms such as "new user referral rewards" and "holding dividends," leveraging the social viral effect of retail investors, which in just two weeks raised the token price by over 20 times. When the price reached its peak, the project team, through anonymous accounts on decentralized exchanges, sold off more than 90% of their tokens in batches while shutting down official communities, removing the white paper, and deactivating the project’s official website.
As the selling pressure intensified, the price of Aerospace Coin plummeted by 99%, leaving countless retail investors with nothing. Subsequent investigations revealed that the so-called "aerospace cooperation" was entirely fictitious, and the expert videos were all fabricated. The project team had not even built any substantial underlying blockchain architecture; the entire project was essentially a "pump and dump" scam.
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