Cryptocurrency exchange orchestrates shameless ‘pump and dump’ scheme
In a blatantly fraudulent turn of events, a small-time cryptocurrency exchange has decided the best way to beat the bear market is to just throw morality to the wind, and ‘pump and dump’ random coins.
Wednesday evening, Russia-based cryptocurrency exchange YoBit took to Twitter to announce it will be buying 1 Bitcoin (BTC) worth of a “random coin” every couple of minutes, starting this Thursday.
This is apparently meant to happen ten times.
YoBit Pump in 22 hrs: https://t.co/RIbW7OhKzM
We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc).— Yobit.Net (@YobitExchange) October 10, 2018
Presumably, they will then sell the coins shortly after, to whoever is unlucky enough to be buying the pre-determined ‘top’ price limit.
The exchange UI has even been redesigned to include a timer counting down to zero, signaling the pumping and dumping has begun.
I want to make it clear: You should not take part in hair-brained schemes like these – whether hatched by goobers in a Telegram channel, or by goobers running a dodgy cryptocurrency exchange.
The unfortunate part is the whole thing seems to be working. Transaction volume on YoBit is rising dramatically, increasing more than 160 percent in the lead-up to this rampant bullshit.
It’s easy to make light of something like this – but we shouldn’t, especially at a time when cryptocurrency adoption is supposedly more crucial than ever.
Pump and dumps, exit scams – these are the proverbial tails I thought we were ready shed. Sadly, it appears some of us aren’t ready to move on.
I’m choosing to believe that this is mostly due to a yearning to relive the craziness of the last quarter of 2017, where seeing short-term return on investment was as easy as logging into Binance and rolling your face over the keyboard.
Source: The Next Web
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