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The WAXP token false positive harvesting case is a typical example of a "false news pump and dump" scam in the cryptocurrency world. Its tactics are highly concealed, and the scale of harvesting is enormous, leaving countless retail investors who followed the trend ultimately trapped in deep losses with no return.

As the native token of the WAX blockchain, WAXP anchors itself in the popular ecosystems of gaming and NFTs. Leveraging the market attention that comes with these sectors, it has become a breeding ground for scams. To profit from the speculation of the token, the project team secretly colluded with multiple institutions and industry KOLs to concoct sensational false positives—falsely claiming that WAXP had reached agreements with globally renowned game companies, stating that the token would officially integrate into the trading scenarios of in-game items, leading to a qualitative leap in commercial value, with a market capitalization expected to double. Subsequently, this false information was mass-distributed across various communities and self-media platforms, precisely exploiting investors' high expectations for popular sectors to induce retail investors to buy in droves.

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When it comes to the scams in the cryptocurrency world, BitConnect is undoubtedly an unavoidable "benchmark"—this project, involving a staggering $2.4 billion, has been directly classified by the U.S. Department of Justice as a "textbook" Ponzi scheme, sweeping away the hard-earned money of countless investors worldwide.

The story begins in February 2016, when Indian Sathish Kumbhani launched the BitConnect platform, promoting a gimmick of "lending and mining." The platform boasted loudly, claiming to have exclusive trading bots and volatility software that could guarantee profits in the cryptocurrency market, and confidently promised: as long as investors lent their virtual currencies to the platform, they could receive daily returns of 1% and nearly 40% annualized compound interest.