Putin and Lambo coins prices were manipulated by the YoBit exchange in the last 10 days. Is YoBit "Pump and Dump" an exchange?
23 October 2018, AtoZ Markets - YoBit is a Russian-based cryptocurrency exchange that was founded in 2015. The exchange offers access to Bitcoin as well as hundreds of other altcoins, and it charges trading fees of 0.2% or less per transaction according to their website. However, we couldn't find much information about this exchange. So traders should be careful when dealing with this exchange.
According to cryptocompare.com, the exchange is reportedly under investigation from the Russian Authorities. Last year, the website cointelegraph.com has published a news about fraudulent activities by the YoBit cryptocurrency exchange. According to them, Russian telecommunications regulator Roskomnadzor has opened legislative proceedings against the exchange for alleged fraudulent activity.
A spokesperson commented that:
“We are now investigating Yobit as an unreliable resource, with an eye to blocking it as a consequence.”
YoBit's "Pump and Dump" Fraud Explained
Pump and dump is a form of fraud that involves manipulating the price of an owned asset through misleading positive statements, to sell the cheaply purchased asset at a higher price. Once the operators of the scheme sell their overvalued asset, the price falls and investors lose their money. Is YoBit exchange also considered to be a "Pump and Dump" one?
According to Yagub Rahimov, CEO of 7Marketz Group, YoBit tried to do "Pump and Dump" Putin coin and Lambo Coin in the last ten days. Putin coin managed to surge after the pump, while Lambo coin dumped rapidly.
You can watch the complete video of Yagub talking about the "Pump and Dump" case below:
Putin and Lambo Coins Overviewed
Putin coin is currently trading at 0.000290 (+11.54%) with a 24 hours volume of PUT 17.40 k ($ 4.49). The coin has a market cap of $ 165.17k. In the last 3 Months, the price of the coin has dropped almost 90% with a total volume of $ 2,906.23. The coin reached the highest price, $ 0.003140 which was on 31 July and the lowest was on 23 September.
Lambo coin is trading at $140.59 and has surged 13.59% according to investing.com data.
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