The Yobit exchange continues to clearly demonstrate how the “Pump and Dump” scheme works in the cryptocurrency market and manipulates prices, inviting users to play this kind of “all or nothing” lottery.
Having successfully carried out the first attack, the trading platform managed to pump up the Putin Coin rate 14 times in just 15 minutes.
Lambocoin was chosen as the next currency. The exchange announced the next random token pump 69 hours before the start of the promotion on its Twitter account.
In just a few minutes, the price of an unpopular token soared 1793 times, from 0.02788 to 50 BTC, thanks to the planned purchase of the asset. True, according to all the laws of Pump and Dump, this rate did not last long and just as quickly fell down, but did not reach its previous level and remained at the position of 0.04 BTC, which is one and a half times more expensive than the pre-pump price.
The second message from the trading platform, although it still causes the same mixed reactions from the crypto community, however, completely eliminates doubts about the authenticity of the messages and the possibility of hacking the company’s website. Now the crypto community is inclined to think about a unique advertising strategy for the site to attract customers. The old and illegal practice Pump and Dump works flawlessly in the cryptocurrency market, although it has long been prohibited in traditional regulated markets such as the London Stock Exchange and the New York Stock Exchange.
You May Also Like
Binance launched high-yield staking
Binance has launched a new high-yield staking initiative for ten coins.
The first halal crypto exchange will appear in 2019
ADAB Solutions, which is based in the United Arab Emirates, has announced plans to launch FICE - the First Islamic Crypto Exchange - next year, which will operate “in accordance with Sharia law.” It is reported that by 2020 the company plans to achieve daily trading volume of $146 million and monthly trading volume of $4.4 billion.
