The manipulated markets of Crypto "Trading Group" organized reached 825 million dollars in 2018


The manipulation of cryptocurrency prices is largely conducted by organized "business groups" that use services such as Telegram, the Wall Street Journal said in a study published on August 5th.

By unveiling the results of research on cryptocurrency markets, the WSJ has suggested that coordinated "pump and dump" schemes have seen traders swell and bring down prices of various cryptocurrencies this year

As a result, they say, these groups are generating hundreds of millions of dollars of revenue for themselves, while others are points from losses once the groups sell a particular asset en masse.

Only in the first six months of 2018, trading groups generated revenue of $ 825 million.

The WSJ examined 175 schemes by exchanging 121 different currencies, stating "[m] other such groups exist, potentially adding millions or tens of millions more to", adding that they "operate in private chats. , accessible by invitation only, in general where

As an example of the behavior of the trading group, the WSJ takes Cloakcoin, an old altcoin who has experienced several price pumps this year.

A sudden growth has pushed July 1 on the main Binise Binance exchange was the result of a commercial group called Big Pump Signal, says the WSJ

"The price of cloakcoin skyrocketed on […] Binance shortly after Big Pump Signal sent a message on Telegram to the followers who told them to buy, "the research describes:

" The prices of the ten bitcoin pairs most traded in Binance moved just during the Cloakcoin pump. "[19659010] The results add a further dimension to market manipulation theories that have surrounded cryptocurrency markets in recent months.

For Bitcoin, various sources have supported factors such as Mt. The sell-offs of Gox's liquidation and the main bagholders caused artificial price fluctuations from the all-time highs of December 2017, while others said that these activities did not affect the markets.

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