Attackers earned $ 825 million through pump and dump schemes

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1-215-600x337 Attackers earned $ 825 million through pump and dump schemes

The problem of manipulating the cryptocurrency market, as well as the prices of individual tokens, has recently become the most urgent and regulators are trying to deal with these manipulations.

Attempts are being made to combat the tactics of “pump and dump” and individual exchanges. But resisting this tactic is quite difficult, since it brings a lot of money to scammers.

Usually having agreed among themselves, fraudsters begin to fan hype around a certain cryptocurrencies or tokens. Moreover, telegrams are usually used to make contacts between scammers. For some reason, scammers and hackers are very fond of this messenger. The terrorists also fell in love with him, so access to telegrams is prohibited in Russia.

Having agreed, the scammers begin to actively buy a certain one (usually an inconspicuous token or cryptocurrency). The price of it is growing sharply. Ordinary investors, focusing solely on price, see that the asset is very profitable, and fearing to miss the profit, they buy everything. This is actively raising the price. An asset is becoming more and more attractive. At the peak of popularity, scammers sell all bought up tokens or coins, and ordinary investors who buy coins are left with nothing. Rather, with an asset that is rapidly becoming cheaper in price.

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