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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