RATE Group | Cryptocurrency Exchange Says it Plans to Nakedly Pump Random Coins
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Cryptocurrency Exchange Says it Plans to Nakedly Pump Random Coins

11 Oct Cryptocurrency Exchange Says it Plans to Nakedly Pump Random Coins

Posted at 02:10h in Cryptocurrency News by

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ripple price pump

Middling cryptocurrency exchange YoBit has an unusual plan to attract more traders to its platform: randomly pump coins to artificially drive up their prices.

In a Tweet published this morning, the exchange, apparently based out of Russia, said that on Thursday it will inject 10 BTC (~$66,000) into 10 random markets.

“We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc),” the exchange operator said.

Though not a large sum compared to the global crypto ecosystem’s estimated $12 billion in daily volume, it could lead to significant price increases in thinly-traded microcap altcoin markets.

Many Twitter users immediately questioned whether YoBit’s account had been hacked. However, this does not appear to be the case, unless the hacker also infiltrated the exchange’s website, which currently features a countdown timer for the self-described pump….

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