Cryptocurrency Yobit Announced Plans to Pump Random Coins

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Total News – Atlanta, GA 10/11/2018. Russia based cryptocurrency exchange has announced on Twitter that it will randomly pump coins to artificially drive up their prices. The tweet said "we will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc)."

The exchange has added a countdown timer on when the pump would happen.

Many twitter users have reacted immediately and questioned if the account is hacked. One user has tagged @SEC_Enforcement and others have condemned the strategy of the exchange if true.

U.S Commodity Futures Trading Commission (CFTC) earlier this year issued advisory on virtual currency pump-and-dump schemes.

"Customers should not purchase virtual currencies, digital coins, or tokens based on social media tips or sudden price spikes. Thoroughly research virtual currencies, digital coins, tokens, and the companies or entities behind them in order to separate hype from facts," CFTC said

​ As reported by cointelegraph, 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.

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Tuesday, 16 October 2018
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