Cryptocurrency exchange YoBit is going to perform a pump scheme on random coins, according to an Oct. 10 tweet. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset through misleading or false recommendations.
In addition to announcing the pump scheme in a tweet, the exchange posted a countdown clock for a ‘YoBit pump’ on its website.
YoBit is a Russia-based digital currency exchange founded in 2015, which offers access to hundreds of digital currencies. The trading platform was in the headlines a number of times in multiple reports of suspicious activity and problems with users trying to withdraw funds from their wallets. At press time, YoBit’s daily trading volume is around $28 million, according to CoinMarketCap.
The community reacted quickly, with some users asking whether YoBit’s Twitter account had been hacked, and others accusing the company of fraudulent activity. User @Altcoinbuzzio wrote:
Readmore:
https://cointelegraph.com/news/crypto-exchange-yobit-starts-pump-scheme-on-random-coins