A Personal Story and a Wake-Up Call for Crypto Investors
During the peak of the last bull run, I unknowingly became part of a Telegram group orchestrating a pump-and-dump scheme. It all started when I saw obscure altcoins skyrocketing by 400% in minutes, only to crash hours later. No news, no updatesâjust wild, suspicious price movements. Thatâs when I knew something was off.
After digging deeper, I uncovered the shocking truth about how these scams operate. I was given inside info on the coin, the exact time, and the exchange where the pump would take place. On D-Day, the group manipulated the price by making massive buys, triggering FOMO among innocent investors. Then, they dumped their bags, leaving everyone else holding worthless coins.
In my opinion, exchanges should consider halting withdrawals when such abnormal price spikes occur to protect investors. Binance did something similar with DREP in 2021, which saved countless users from this trap. Iâll be sharing more on how these scams are set up and giving tips on how you can avoid falling victim in the future.
Always stay alert and informed. By understanding how these pump-and-dump schemes work and recognizing early warning signs, you can make smarter investment decisions and avoid becoming prey to market manipulation. Stay safe, stay smart, and invest wisely.
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#PumpDumpAlert #CryptoScams #MarketManipulation #CryptoSafety #Binance