Pump&dump on Yobit. What you need to know
The stock market is associated with high risks, and some of the cryptocurrency exchanges themselves are not sufficiently reliable. Therefore, trading should be approached responsibly, carefully analyzing what areas and assets should work and which are better to avoid (especially if the offers seem too tempting).
Yobit is a crypto currency exchange from Russia, which is actively trying to take their place under the sun. If many sites are trying to attract clients with reward programs, lower commissions, or to enhance security measures, Yobit prefers other ways. Recently, we have reported that the stock exchange has openly announced its intention to make a scheme pump&dump for activation of trading in their markets.
During Pampa Yobit every five to ten minutes buying different random coins for a certain amount of bitcoins. After pumping begins the process of the dump, which leads to significant price fluctuations. Some investors and traders can capitalize on this short-term volatility.
In most countries this method of creating artificial traffic is illegal. Anyway, pump&dump from Yobit works really well.
The reaction on Twitter
Yobit openly writes about diagrams pump&dump Twitter. Not all users like it: some even insist that CoinMarketCap have to remove the pad from their lists. However, some traders took notice about pumping and dumping as a joke.
Now the regulators have additional reason to include Yobit to the category of “unsafe” exchanges and to guard against it the appropriate measures for the protection of users.
Scandals Yobit was missing before. So, in 2016, the stock exchange announced the listing of Waves paired with bitcoins when Aldon has actually not been released yet.
Later, the Commission on commodity futures and trade (CFTC) and the U.S. Department of justice punished the stock exchange for manipulative and questionable activities, and in 2017 the operation Yobit banned in Russia.