SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme
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....
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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....
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….
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....
Self-organized teams that support crypto scams on Discord or Telegram are not illegal in the crypto market except in regulated exchanges. Pump-and-dump operations, which fraudulently manipulate prices by disseminating false information, have existed in economic contexts since at least the 1700s. For instance, con artists with shares in the South Sea Company started making false statements about the business and its revenues in the beginning of the eighteenth century. The plan was to inflate the stock price artificially before selling it to uninformed consumers misled into thinking they....
The Australian financial watchdog has revealed the details of how it took down ASX traders suspected of taking part in a coordinated Telegram pump and dump scheme. The Australian Securities and Investments Commission (ASIC) has revealed the details of how it took down crypto “pump and dump” Telegram groups back in October. A pump and dump scheme typically involves using social media to coordinate users to buy large amounts of a thinly traded token to artificially inflate its price. They then cash out with massive gains after other investors, who aren’t in on the scheme, FOMO in on a....