- Chainalysis reports that 54% of Ethereum tokens in 2023 resembled a pump-and-dump scheme.
- The report states that the scammers have amassed $241 million through market manipulation.
- The platform analyzed the tokens traded more than five times on DEXs to identify the manipulation.
A recent report released by the analytics platform Chainalysis unveiled that more than half of the ERC20 tokens introduced on Ethereum in 2023 resembled a possible pump-and-dump scheme.
Drawing insights from the report, Ki Young Ju, the founder and CEO of CryptoQuant, highlighted that the scammers have amassed $241 million through the pump-and-dump scheme with 90,408 tokens.
Scammers made $241M through a pump-and-dump scheme with 90,408 tokens on Ethereum network in 2023.source: @chainalysis https://t.co/UFWGS0JINq pic.twitter.com/RCz5LI8BjJ
— Ki Young Ju (@ki_young_ju) February 2, 2024
Generally, the pump-and-dump scheme is malpractice where a malicious actor strongly advocates for the surge of crypto in which they have invested and “dump” the tokens later at an inflated price.
According to the US Securities and Exchange Commission (SEC), the pump-and-dump scheme is…
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