Yesterday morning, subscribers to the YoBit newsletter received an email indicating that the exchange was preparing to begin its own random token pump.
The YoBit cryptocurrency trading platform has long laid claim to a scandalous reputation associated with many problems, a low level of service for traders, problematic withdrawals of funds, and the organization and coordination of pumps through Telegram. Yesterday on Twitter YoBit announced a pump of ten random coins planned for today.
YoBit pump in 22 hours. We will buy one random coin for 1 BTC every 1-2 minutes, 10 times (total purchase amount is 10 BTC). In addition to the seriousness of the statement, countdown timerhas been launched on the official server, which shows the remaining time until the start of the “pump”.
The crypto community could not miss such a message about the future pampa, while opinions, as always, were divided. Some accuse the exchange of fraud and believe that this is quite in its style, others believe that the YoBit account was hacked and the exchange itself had nothing to do with the pump. Despite the fact that the timer is clicking, at the moment there have been no official comments from the management of the exchange.
The stated amount of 10 BTC itself is not that large for a crypto platform occupying 51st place in the CoinMarketCap ranking with an average daily trading volume of about $28 million. However, the Pump&dump scheme itself is considered illegal, as the Commodity Futures Trading Commission (CFTC) has repeatedly warned about. The agency closely monitors illegal manipulations in the cryptocurrency market and has even increased the amount of fines for scammers.
In addition, given the exchange's intention to pump up the price of small-cap coins, even such a small amount of investment can lead to a significant impact on their price.
You May Also Like
Will Bakkt end the year with a bullish breakout?
On December 12, 2018, the Intercontinental Exchange (ICE) will begin trading Bitcoin futures contracts. It is noteworthy that contracts can be concluded through the platform’s digital asset storage, and clearing will be carried out by ICE Clear US, Inc. All quotas will be in US dollars, and the amount that will be blocked on the account when concluding a futures contract will be 10 bitcoin.
Binance exchange funded startup that raised $32 million
Ticket Monster (TMON) is an e-commerce company with approximately $4 billion in sales. On Wednesday, the company issued a press release saying it had raised $32 million to issue a new stablecoin, Terra, in addition to its existing Luna token, which is collateralized on the company's blockchain platform.
