👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickSee Undervalued Stocks

Scammers Amassed $241 Million Via Pump-and-Dump Scheme, Says Analyst 

Published 02/03/2024, 01:32 AM
Updated 02/03/2024, 01:45 AM
Scammers Amassed $241 Million Via Pump-and-Dump Scheme, Says Analyst 
ETH/USD
-

  • 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.

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…

The post Scammers Amassed $241 Million Via Pump-and-Dump Scheme, Says Analyst appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.