RATE Group | How Cryptocurrency Pump-and-Dump Scams Work
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How Cryptocurrency Pump-and-Dump Scams Work

13 Aug How Cryptocurrency Pump-and-Dump Scams Work

Posted at 20:27h in Cryptocurrency News by

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Several news stories have hinted or provided anonymous accounts of schemes to manipulate cryptocurrency trading through pump-and-dump schemes. A recent report by the Wall Street Journal provides definitive proof. The report provides an inside look at the operations of pump-and-dump schemes. The Journal states that crypto pump-and-dump schemes accounted for $825 million in trading activity over the last six months and “hundreds of millions of dollars in losses”. During the period from January till the end of July, there were 125 pump-and-dump operations and they manipulated prices of 121 different coins. (See also: How Does A Pump And Dump Scam Work?)

How Do Pump-and-Dump Schemes Work?   

According to the Journal, crypto pump-and-dump schemes operate in a fashion reminiscent of the early days of the stock market. During that time, a group of traders wreaked havoc in the markets by manipulating prices through purchasing in groups.  

A similar dynamic exists in…

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