đš Warning: Pump and Dump Schemes in Crypto - A Personal Account đš(please vote for me go to my profile and vote đ)
As a crypto investor, I want to share a personal experience and warning about pump and dump schemes. During the last bull run, I unknowingly joined a Telegram group involved in such a scam. I noticed obscure coins spiking up to 500% within minutes, only to crash shortly after. With no substantial news or updates to justify these spikes, I became suspicious of market manipulation.
Through investigation, I uncovered the truth about these schemes. The group would receive detailed information about an upcoming event, including the specific coin, timing, and exchange. On the designated day, they would buy large quantities to artificially inflate the coin's price, causing unsuspecting investors to buy into the scam.
To protect users, I believe exchanges should consider temporarily halting withdrawals when coins experience rapid and suspicious price surges.
Binance implemented such a measure with DREP in 2021, safeguarding many investors.
Stay tuned for more insights on how these scams operate and strategies to avoid them in future bull runs. Thank you for reading! If you found this information valuable, please like, comment, share, and subscribe. Your support helps me continue sharing vital insights about the crypto market. Thank you to those who contribute."
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