ASIC reveals how it infiltrated crypto ‘pump and dump’ Telegram groups

ASIC reveals how it infiltrated crypto ‘pump and dump’ Telegram groups

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....

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ASIC targets pump and dump Telegram groups

“Coordinated pumping of shares for profits can be illegal. We can see all trades and have access to trader identities,” said ASIC in a message to the ASX Pump Organization on Telegram. The Australian Securities and Investments Commission (ASIC) is going after pump and dump groups on Telegram. On Monday an account under the name “ASIC” posted a message in the “ASX Pump Organization” on Telegram to warn around 300 members of the group that “we’re monitoring this platform and we may be investigating you.”:“Coordinated pumping of shares for profits can be illegal. We can see all trades and....

XRP Posts Wild “Pump and Dump” as Retail Buyers Give Whales an Exit

The Wall Street Bets phenomenon recent took a grasp of the crypto market, with an army of retail investors first targeting Dogecoin before setting their sights on XRP XRP saw some slow momentum at first, but rumors regarding a “pump and dump” Telegram chat looking to rocket its price quickly circulated This led many traders […]

Chinese ‘Pump-n-Dump’ Suspected as Litecoin Passes Bitcoin in Trading Volume

Following an unprecedented day of trading for Litecoin at a higher daily USD volume than bitcoin, suspicions of a ‘pump-and-dump’ scheme in China have arisen following a correction in price. Just before, Litecoin has gained fifty US cents to a full US dollar in value - tantamount to Mazda selling more cars in a day than Toyota. “I think Litecoin is still very complimentary to Bitcoin — silver to Bitcoin's gold if you will. Because Litecoin is an altcoin and a much smaller market cap, the Litecoin price is extremely volatile. So when the crypto currency market is crashing, it gets hit a lot....

What are crypto pump and dump groups? Are they legal?

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....

List of Top 10 Crypto Telegram Channels and Groups

Crypto-oriented channels and groups could be very useful for any potential subscriber that is interested in news, reviews and token sales. That is why so many telegram users are in constant search of a decent channel or group that post useful information and filters scam. But can you find a difference between a group and […]