Crypto Exchange YoBit Will Randomly Pump Coins

Crypto Exchange YoBit Will Randomly Pump Coins

Pump and dump schemes are very popular in the cryptocurrency market. It is believed that they badly affect crypto as a whole, however, some people can get good money using these schemes.

Today, crypto exchange YoBit has announced that it will start YoBit Pump in 22 hours providing a link to the so-called pump timer.

“We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc).”

Here are some users’ reviews: “maybe their twitter is hacked?! I can’t believe this”, “omg”, “CoinMarketCap please consider delisting Yobit immediately. This is egregious behavior.”

Rudy Bouwman, Chief Marketing Officer at DigiByte, has responded as follows:

“‘Pump timer’…shame on you. What a bad example. We are against any pump and dump schemes. Is there an application form to get de-listed?” [he means delisting DGB at Yobit].

As far as we understand, the exchange is planning to perform such “events” in future. In our opinion, this is a bad practice. We know cases of legal investigation of pump&dump schemes that have been practicing by some unfair companies (in the stock market). Moreover, Bitmex exchange, for example, has updated its rules setting prohibition of such activities.

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