đ¨ CRITICAL WARNING â ď¸ Protect Yourself From Pump-and-Dump Scams
A Personal Story and a Lesson 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 noticed strange movements in lesser-known altcoins, with prices soaring by 400% in minutes, only to crash a few hours later. Since there was no news or updates to explain these changes, I suspected market manipulation.
After looking into it further, I uncovered the reality of these scams. The group gave me insider information, including which coin they would target, the exact time, and which exchange would be used. On the day of the scheme, they bought large amounts of the coin to artificially raise the price, triggering FOMO in other investors. Once the price was high enough, they sold their holdings, leaving others with heavy losses.
I believe crypto exchanges should consider temporarily stopping withdrawals when there are sudden price jumps to protect investors. Binance did something similar with DREP in 2021, which saved many users from falling victim.
In the future, Iâll share more insights on how these scams work and offer tips on how to avoid them. Always stay cautious and informed. By learning how pump-and-dump schemes operate and recognizing the warning signs, you can make better investment choices and avoid being a victim of market manipulation. Stay safe and invest wisely.#Write2Earn! #Write2Earn! #Write2Earn! #Write2Earn! #Write2Earn!
