YoBit crypto exchange is ready to perform a pumpschemeon random coins,in line with an official recent twitter web post. A pumpand dumpschememay be akind offraud thatmakes an attempttounnaturallyboostthe valueof anassetthroughdeceptiveor false recommendations.
YoBitwhich is aRussia-based crypto currency exchangelaunched backin since 2015, offers access to several digital currencies. Thetradingplatform waswithin theheadlinesa no.of times in multiple reports of suspicious activity and associatedissueswith usersattemptingto 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 askingwhether or notYoBit’s Twitter account had been hacked,while others accusingthe firmofdishonorableactivities. A user @Altcoinbuzzio wrote:
Earlier inNov2017, a BusinessInsiderinvestigationdisclosedthat traders were conducting pump and dumps on YoBit via theelectronic messagingapp‘Telegram’. However, it remained unclearwhether or notthe exchange wasalert tothe pump and dump activity, as Yobit reportedlyfailed toansweran invitationfor comment from BusinessInsider.