London Trader Accused of 'Pump-and-Dump' Crypto Scam

Intelligence from sources close to the UK's Financial Conduct Authority (FCA) suggests a significant investigation is underway into a London-based individual, identified as 'Marcus Thorne', for orchestrating a large-scale cryptocurrency 'pump-and-dump' scheme. Thorne allegedly used a network of anonymous social media accounts and purportedly paid influencers to artificially inflate the price of a low-cap altcoin, 'NovaChain' (NVCH), over several weeks. Once the price reached a predetermined target, Thorne and his associates are believed to have liquidated their holdings, causing the price to crash and leaving unsuspecting retail investors with substantial losses. The FCA is reportedly examining Thorne's digital footprint, transaction records on various blockchain networks, and communications with known crypto influencers. This case highlights the persistent challenges regulators face in policing the volatile and often opaque cryptocurrency markets, particularly when perpetrators operate pseudonymously and leverage social media for manipulation.