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IT-Tech

Cryptocurrency exchange orchestrates shameless ‘pump and dump’ scheme

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In a blatantly fraudulent flip of occasions, a small-time cryptocurrency alternate has determined one of the simplest ways to beat the bear market is to simply throw morality to the wind, and ‘pump and dump’ random cash.

Introduced through tweet Wednesday night, Russia-based cryptocurrency alternate 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.

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 wish to make it clear: You shouldn’t participate in hair-brained schemes like these – whether or not or not they’re hatched by goobers in a Telegram channel, or by goobers operating a dodgy cryptocurrency alternate.

The unlucky half is the entire thing appears to be working. Transaction quantity on YoBit is rising dramatically, growing greater than 160 % within the lead-up to this rampant bullshit.