Pump And Dump
Everybody in the crypto-community knows about pump and dump, it is frowned upon and most governments would file a lawsuit for the accusation. Moreover, Yobit on Thursday announces,
We will buy one random coin for 1 BTC every 1-2 mins 10 times (total buy amount – 10 BTC).
The original tweet for your confirmation.
YoBit Pump in 22 hrs: https://t.co/RIbW7OhKzM
We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc).
— Yobit.Net (@YobitExchange) October 10, 2018
At first, we expect it to be fake, however after confirming the tweet was from the exchange’s account it got confusing. Many believe the twitter account of Yobit was a hack. However, this wasn’t the case as the official website also hosts a countdown timer for this pump and dump event.
However, the pump and dump countdown timer at the time of this article was still present on their official website. This was a shocking revelation to most users and many even tagged regulatory agencies in the twitter post.
Additionally, Yobit is no stranger when it comes to controversy. It isn’t the first time Yobit has under unquestionable behavior.
In June 2016, Waves platform calls out Yobit for the premature launch of WAVES-BTC trading pair. The Russian government in February 2017 blocked domestic access to cryptocurrency sites including Yobit’s.
Some might even call this move by Yobit a bold move, as it comes amidst the increased scrutiny on manipulative market practices all over the world. With the US authorities filing lawsuits against John McAfee for pump and dump schemes and SEC accusing Elon Musk of a misleading tweet etc.
Are you on Yobit? Are you waiting for this Pump and Dump?
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