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🚨 Important Alert: Beware of Pump and Dump Schemes 🚨

During the recent bull market, I encountered a troubling experience with a Telegram group involved in a pump and dump scam. Obscure coins suddenly skyrocketed by as much as 500% within minutes, only to crash shortly afterward. The absence of legitimate news or updates raised suspicions of market manipulation.

Investigating further, I discovered the modus operandi of these schemes. Groups strategically disclose details like coin names, timing of activities, and targeted exchanges. On the designated day, they orchestrate large purchases to artificially inflate prices, enticing unsuspecting investors into buying out of fear of missing out (FOMO).

To safeguard investors, I propose exchanges consider temporary withdrawal halts during suspicious and rapid price increases. This proactive measure was successfully implemented by Binance with DREP in 2021, protecting many from falling victim to such schemes.

It's crucial for investors to stay informed and adopt strategies to recognize and avoid pump and dump schemes in future market cycles.

#CryptoInvesting #MarketManipulation #InvestorProtection #StayInformed