Florida Group Faces Fraud Charges for Alleged Altcoin 'Pump and Dump'
A group of Florida residents have been accused of fraudulently selling scrypt mining ASICs as part of an altcoin 'pump-and-dump' scheme. Allegedly perpetrated from March 2013 through August of this year, the scheme centered on a cryptocurrency called cachecoin, whose market is said to have been manipulated by the actions of the defendants. The five individuals, which include a married couple, as well as a company called Scrypted Life, are also accused of stealing funds raised for an independent mining operation, Fibonacci Scrypt Mining ASICs. Represented by Florida-based law firm Akerman....
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The U.S. Securities and Exchange Commission (SEC) has taken action against two firms and four individuals allegedly perpetrating a crypto pump-and-dump scheme. “Although this case involves crypto assets, it bears the hallmarks of a classic pump and dump scheme,” said the SEC. SEC Charges 2 Firms in Crypto Pump-and-Dump Case The U.S. Securities and Exchange Commission (SEC) said Friday that it has filed charges against two firms and four individuals allegedly perpetrating a cryptocurrency pump-and-dump scheme. The two companies are Bermuda-based Arbitrade Ltd. and Canadian....
Pump-and-dump in crypto is an orchestrated fraud that involves misleading investors into purchasing artificially inflated tokens — typically marketed and hyped by paying celebrities and social influencers. Educating oneself about the crypto ecosystem is crucial for investors to pursue during a bear market while awaiting a bull cycle. That being said, having a good understanding of crypto investment entails keeping an eye out for fraudulent projects that threaten to drain assets overnight, a.k.a. pump-and-dump schemes.Pump-and-dump in crypto is an orchestrated fraud that involves misleading....
After an evening of perusing the internets a post on reddit stuck out to me. “Bitcoin is being manipulated like other alt-coins” . The writer, mitchr4, goes on to explain that he is or has been an alt-coin trader for a while and has seen certain pump-and-dump patters emerge in the alt-coin industry. mitchr4 goes on draw parallels between the recent price spikes and downturns in the bitcoin market and the pump-and-dump nature of altcoins. mitchr4 goes on to explain how the pump and dump scheme works in bitcoin….
American YouTuber Jimmy Donaldson, better known as MrBeast, is embroiled in accusations that he tricked his followers into buying a pump and dump token. Refinable’s Initial DEX Offering (IDO) took place on Tuesday and was Polkastarter’s biggest launch to date, selling out in less than five minutes. But some investors claim they were unable to […]
Chosun, the largest and most popular online news publisher in South Korea has reported that law enforcement is about to begin investigations on altcoin pump-and-dump and bitcoin Ponzi schemes. The Bank of Korea will support local law enforcement and agencies with the investigation and will provide the necessary infrastructure and technology to search for scam bitcoin projects and programs. The joint investigation will also focus on the trading of altcoins that have no value, or are suspected of being a pump-and-dump scheme. "According to our sources, there are 676 altcoins, including....