Cryptocurrency Pump and Dump Scams

Really interesting research: “An examination of the cryptocurrency pump and dump ecosystem“:

Abstract: The surge of interest in cryptocurrencies has been accompanied by a proliferation of fraud. This paper examines pump and dump schemes. The recent explosion of nearly 2,000 cryptocurrencies in an unregulated environment has expanded the scope for abuse. We quantify the scope of cryptocurrency pump and dump schemes on Discord and Telegram, two popular group-messaging platforms. We joined all relevant Telegram and Discord groups/channels and identified thousands of different pumps. Our findings provide the first measure of the scope of such pumps and empirically document important properties of this ecosystem.

Posted on June 24, 2020 at 6:30 AM4 Comments


humdee June 24, 2020 9:46 AM

“The recent explosion of nearly 2,000 cryptocurrencies in an unregulated environment has expanded the scope for abuse.”

Scope? It is inherently abusive. I understand the argument that any non-asset backed currency (“fiat currency”) is a scam but come on, the dollar looks like a rock fortress compared to some of these “currencies”. One might as well burn your dollars or hand them directly over to the fraudster.

The triumph of hope over experience.

Clive Robinson June 24, 2020 10:49 AM

@ humdee, ALL,

The triumph of hope over experience.

Such investors,

    Should wake up and smell the “black tulips”…

Harvey June 24, 2020 7:08 PM


JEFF LAUDER September 19, 2020 10:48 AM

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