The Wall Street Journal report 'dozens' of trading groups are manipulating the price of cryptocurrencies
- On some of the largest online exchanges
- "the Journal identified 175 "pump and dump" schemes involving 121 different digital coins, which show a sudden rise in price and an equally sudden fall minutes later"
Well, yeah.
This is a very, very old trick indeed, just applied to the latest hottest thing (as it usually is). Crypto is so unregulated, its the Wild West out there:
- "Cryptocurrency exchanges are unregulated markets, so the kind of market manipulation banned on, say, the New York Stock Exchange can essentially be carried out with impunity," said Ben Yates, a cryptocurrency lawyer at London-based RPC.
