‼️ CRITICAL ALERT ‼️ 🚨🚨

Beware of Pump and Dump Scams: A Cautionary Tale for Crypto Investors

At the tail end of the last bull market, I inadvertently became part of a Telegram group orchestrating a pump and dump scheme. As the market soared, I observed obscure coins experiencing sudden, explosive price hikes—some soaring as much as 500% within minutes—only to plummet shortly afterward. The absence of any news or project updates to justify these spikes raised my suspicions about potential market manipulation.

Delving deeper, I discovered just how common pump and dump schemes are in the crypto space. After joining the group, I was given detailed instructions for an upcoming event, including the targeted coin, timing, and exchange. On the designated day, the group executed their plan, purchasing large amounts to artificially inflate the coin’s price. This lured in unsuspecting investors, driven by FOMO, who then bought into the scam.

I believe that exchanges should consider temporarily suspending withdrawals during suspicious and rapid price surges to protect users from falling prey to these scams. Binance took such a precautionary step with DREP in 2021, saving many investors from potential losses. To safeguard your investments, stay alert and educate yourself on the warning signs of pump and dump schemes. By doing so, you can make more informed decisions and avoid being a victim of market manipulation.

#Write2Earn! #MarketDownturn #BinanceTurns7 #BullBanter #LowestCPI2021