What is a "pump and dump"? - Crypto in Plain English - Episode 255 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it20 Sep 2022

What is a "pump and dump"? - Crypto in Plain English - Episode 255 - by cryptohunt.it

Are YOU a crypto normie? If so, welcome! CLICK HERE to start (or continue) learning about everything crypto! What is a "pump and dump"?

Welcome to the Cryptohunt Jam, where we spend one minute a day to explain crypto. In plain English. My name is Christian Byza, Co-Founder of Cryptohunt.it and I am your host of this daily show.

A "pump and dump" is a type of common crypto scam that preys on people who fall for big promises.

Here's how it works: Someone, or most often a coordinated group of scammers, create or pick a coin they want to make money off.

They all buy in very, very early, and often very few people own most of the coin.

Then the real work starts: They craft sometimes incredibly genius campaigns to convince others to buy in after them. It's not unusual for them to make wild and false claims, promise guaranteed returns, and even enlist or pay celebrities to promote the coin.

As more people buy in, the price goes up. Everyone feels great about it, telling their friends, and more buyers push it even higher.

Once the price hits a certain amount though, the scammers dump their entire holdings of that coin. Within a short period of time, the price collapses. The money essentially just changed hands - from the investors to the scammers.

So, keep an eye out for those. The signs are often obvious: Glitzy marketing sites, big social promotions, etc. When it sounds too good to be true, and there isn't anything obviously useful behind it, it probably is a scam.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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