🚨 Beware of Pump and Dump Schemes: A Personal Warning to Crypto Investors 🚨
During the last bull run, I unknowingly joined a Telegram group that orchestrated a pump and dump scam. As the market peaked, I witnessed obscure coins surge up to 500% within minutes, only to crash hours later. The absence of news or updates fueled my suspicion of market manipulation.
My investigation uncovered the dark reality of pump and dump schemes. The group shared details of an upcoming event, including the specific coin, timing, and exchange. On the designated day, they bought large quantities to inflate the coin's price, luring unsuspecting investors into the scam through FOMO.
To protect users, I believe exchanges should temporarily halt withdrawals during rapid, suspicious price increases. Binance implemented this measure with DREP in 2021, safeguarding many investors. Stay informed on how these scams operate and learn strategies to avoid them in future bull runs.
Stay safe and vigilant! 🌐💡
