Home » huobi listing » They will then sell their coins to other investors not involved te the scheme at the fresh high price to make their money.

They will then sell their coins to other investors not involved te the scheme at the fresh high price to make their money.

They will then sell their coins to other investors not involved in the scheme at the new high price to make their money.

With the current cryptocurrency market being worth an estimated $300 billion and 1,300 different types of cryptocurrency te circulation, the sector is flourishing. Surprising news however is that yam-sized cryptocurrency exchange Bittrex has contacted its users to warn against getting involved so-called ‘Pump and Dump’ scams.

Spil a means of manipulating the market for individual build up, the ‘Pump and Dump’ has bot around for a long time. Merienda seen te the stock market before it wasgoed banned, it has now seemingly re-surfaced ter the cryptocurrency world. The militar idea is that a group of investors will buy large amounts of a selected coin cheaply which will then lead to an sintético increase its price.

They will then sell their coins to other investors not involved ter the scheme at the fresh high price to make their money. Of course, the nasty downside to this is that the investors they sell too are left with coins that are worth far less than they paid.

Bittrex takes steps to act

A latest investigation by the well respected Business Insider organisation found that some users on Bittrex were involved with this type of scam. Ter an effort to eradicate it from their toneelpodium, Bittrex determined to voeling all their users. Ter the message, all Bittrex users were warned that their account would be frozen or suspended if they were found to be involved ter ‘Pump and Dump’ schemes.

Spil one of the world’s largest cryptocurrency exchanges, Bittrex turns overheen an estimated $1 billion vanaf day te trades. Naturally, it is not suggested that they are involved themselves te any such activity but have taken thesis steps to ensure any people who use their toneelpodium aren’t either.

Other cryptocurrency exchanges affected too

It is not just Bittrex who have some users who use this manipulative tactic. Other cryptocurrency exchanges like Indorse and ChillCoin were also found to have users who were involved ter the same scheme. Spil with Bittrex, there is absolutely no suggestion that the companies themselves are involved. However, many now believe that this practice should be made illegal under official regulation to stamp it out for good.

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