A Personal Story and Warning for Crypto Investors
During the peak of the last bull market, I unknowingly joined a Telegram group involved in a pump-and-dump scheme. I began noticing strange price movements in lesser-known altcoins, where prices would soar by 400% within minutes and then crash within hours. The absence of any relevant news or updates raised my suspicion of market manipulation.
After digging deeper, I uncovered the unsettling truth behind these fraudulent activities in the crypto space. Once in the group, I was given inside information, including the coin being targeted, the exact time of the pump, and the exchange where it would happen. On the set day, the group drove up the price by making large purchases, causing FOMO and drawing in unsuspecting investors. Soon after, they sold off their holdings, leaving everyone else stuck with worthless tokens.
In my opinion, crypto exchanges should consider halting withdrawals when extreme price swings occur to protect investors from such scams. Binance took similar action with DREP in 2021, saving many users from this trap. I'll be sharing more details about how these scams work and providing tips to help you avoid falling victim in future market cycles.
Stay alert and informed. By understanding how pump-and-dump schemes operate and recognizing the warning signs, you can make smarter investment decisions and avoid market manipulation. Stay safe and invest wisely.
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