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Study: Pump and Dump Schemes Account for $7 Million of Monthly Trade Volume | Cell Phone Spy and Mobile Tracking Software
A recent study by Imperial College London analysts claims that crypto pump and dump scams account for $7 million in trade volume each month. A recent study has found that pump and dump schemes account for about $7 million worth of trading volume per month, MIT Technology Review reported Dec. 4. The analysis was performed by researchers Jiahua Xu and Benjamin Livshits at Imperial College London.A pump and dump scheme is a form of securities fraud that has also become common in the cryptocurrency space. The organizers of the scheme choose a coin, boost its price and then "dump" sell their overvalued currency, which further leads to the price falls and losses among the investors.While cryptocurrency markets are currently in a rut, with some coins reaching new lows in the month of November, daily trade volume is currently $14.2 billion, according to CoinMarketCap. The pump and dump volume cited in the study only accounts for 0.049 percent of total 24-hour trade volume.In the course of