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BYZANTIUM AND CONSTANTINOPLE ETHEREUM
The Working of Cryptos The thing with crypto is there really isn't anything backing up the value of it. Dollars are backed by the gold in Fort Knox, for instance. With crypto, there's nothing really there. Prices purely go up or down based on supply and demand. The more in demand a crypto is, the higher the value. And scammers know how to "pump up" demand. Which takes us to pump and dump schemes! Pump and Dump Schemes Pump and dump is a way of price manipulation.
It is a tactic mainly applied to cryptocurrencies or tokens with a low market capitalization and low liquidity. The rates of these cryptocurrencies or tokens are easier to manipulate. Smaller cryptos are really vulnerable to pump and dumps. A pump and dump can often be recognized by following the price trend of the crypto or token. In the beginning, the price is relatively low for a while, after which a sharp price rise follows, followed by a sharp fall, creating a sharp peak.
The lesson for you: Before getting into a crypto, check the price fluctuations. If there's no fundamental news to justify this price hike, consider it a pump and dump, like shown in the image below. Rug Pulls! Potential investors often invest crypto like Ethereum or Bitcoin into a token, a new-to-be-developed crypto. After enough seed money is collected, a token usually develops their own blockchain platform more on that here , after which it is called a coin.
And that's where rug pulls come in to play! A rug pull happens when a developer creates a cryptocurrency token with the intent to run away with investors' funds. The hierarchy can be determined based on an affiliate program where members who refer more people move higher or based on payment where VIP members in the upper hierarchy pay specific subscription fees. This is also referred to as a pyramid scheme.
Crypto pump and dump groups usually operate on Telegram or Discord and can quickly be joined by anyone. The process of operation of crypto pump and dump groups is explained below: Announcing the basic information — Basic information on the purpose of operation, the exchange to be used, and the commencement period is reported to members. Depending on the type of operation, the information may be announced to all at the same time or to the members of the VIP group some hours or days earlier.
Communication of the cryptocurrency — When the time of operation approaches, the coin to be pumped is announced to members. Like other cases, VIP members get faster access to this information than others in the group. The cryptocurrency to be pumped is revealed using graphics that do not allow robots to access the information. Propagation — This is when the group members begin disseminating false information about the goal cryptocurrency on social media. They use Twitter, forums, and chat rooms to create hype about the cryptocurrency and FOMO to instigate panic buying among the public.
Are crypto pump and dump groups legal? The simple answer is NO! Regulated cryptocurrency exchanges treat pump and dump activities as illegal. In the stock market, such practices are illegal and attract a penalty. However, due to the decentralized nature of cryptocurrency, there are no binding laws surrounding the crypto market. Members of the crypto pump and dump groups may not violate any law with their activities.
Types of Crypto Pump and Dump Groups Crypto pump and dump groups are classified based on their method of broadcasting information. There are two major types: Transparent groups — These groups are straightforward in their dealings; they do not hide their identity as pump and dump groups.
Obscure groups — Here, the users refrain from using the term pump and dump. Most times, the members are uncertain about the legality of pumping and dumping, and their uncertainty is displayed in their communication within the channel. Sometimes these are disguised as technical analysis channels. There are different ways members of the crypto pump and dumps group communicate, from discussion to info how-to or invite.
You will typically see these message types in Discord or Telegram. Signal — The signal section is reserved for administrators to post.
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