Share this article
Bitcoin Stock Scam Targets WhatsApp Users
A penny stock tied to a little-known bitcoin company and a slew of WhatsApp spam messages were at the heart of a pump-and-dump scheme last week.
By Stan Higgins
Updated Sep 11, 2021, 11:50 a.m. Published Aug 26, 2015, 9:06 p.m.
A penny stock tied to a little-known bitcoin company and a slew of WhatsApp spam messages were at the heart of a pump-and-dump scheme last week.
As reported by The Awl, WhatsApp users received messages on 21st August stating that traders from major Wall Street investment banks including JPMorgan, Morgan Stanley and Goldman Sachs were about to buy stock in Avra, Inc (OTCQB: AVRN), a company that, according to its website, sells bitcoin ATMs and point-of-sale solutions.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Pump and dump spam on WhatsApp? pic.twitter.com/3BCVnIzHNC
— Noah McCormack (@noahmccormack) August 21, 2015
The messages indicated that the price would see major gains, and in one instance, claimed that a buyout would happen soon.
The stock price quickly shot to a high of $1.26 before falling significantly, though it’s unclear exactly how many WhatsApp users fell for the scam.
Whatsapp spam for pump and dump scheme. Ain't technology grand! pic.twitter.com/tW9PYqCGi2
— Patrick Delaney (@pxdelaney) August 21, 2015
The messages mostly drew complaints from users, who cried foul that they were receiving any spam at all. At least one user on Reddit indicated that they had reported the incident to the SEC.
Heavy trading volume for Avra’s stock continued days after the spike, according to data from Google Finance.
The event raised questions about the company’s financial prospects based on public data filed with the US Securities and Exchange Commission.
For example, HotStocked.com noted that, according to the company’s SEC 10-Q filing for the period ending 30th June, Avra has reported no revenue since it was founded in December 2010. The company reported roughly $25,000 in cash on hand versus about $245,000 in liabilities.
At press time, Avra’s stock is trading at approximately $0.23.
The company did not immediately respond to a request for comment.
Penny stock image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Dips Below $90K Amid Fading Risk Appetite Ahead of Key Macro Events
Bitcoin hovered below $90,000 on Sunday as low liquidity, altcoin weakness and looming U.S. and global data kept traders cautious.
What to know:
- Bitcoin slipped below $90,000 in low-liquidity Sunday trading.
- Ether showed relative strength while major altcoins lagged.
- Traders are positioning ahead of a busy week of U.S. data and central bank events.
Top Stories
