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YoBit Exchange Revealed Its Pump Scheme To Boost The Price Of Random Coins.
2018-10-11 | Big Bob
YoBit crypto exchange is ready to perform a pump scheme on random coins, in line with an official recent twitter web post. A pump and dump scheme may be a kind of fraud that makes an attempt to unnaturally boost the value of an asset through deceptive or false recommendations.
Additionally announcing the the pump scheme, the exchange also revealed a counting clock for a ‘YoBit pump’ on its web site.
YoBit which is a Russia-based crypto currency exchange launched back in since 2015, offers access to several digital currencies. The trading platform was within the headlines a no. of times in multiple reports of suspicious activity and associated issues with users attempting to withdraw funds from their wallets. At the reporting time, YoBit’s daily trading volume is around $28 Mln.
The community however reacted quickly, with some users asking whether or not YoBit’s Twitter account had been hacked, while others accusing the firm of dishonorable activities. A user @Altcoinbuzzio wrote:
Another user @PsychedelicBart labelled the U.S. Securities and Exchange Commission [SEC] in one among his comments:
Earlier in Nov 2017, a Business Insider investigation disclosed that traders were conducting pump and dumps on YoBit via the electronic messaging app ‘Telegram’. However, it remained unclear whether or not the exchange was alert to the pump and dump activity, as Yobit reportedly failed to answer an invitation for comment from Business Insider.
