There are entire groups dedicated to co-ordinated pump'n'dumps. Be careful out there

TL;DR

‘Nico’ claims to run one of the groups on messaging app Telegram that are used to coordinate the buying activity.

“We all use Bittrex for market manipulation,” Nico told Business Insider. “Because it’s faster and easier and if we are all on the same platform, the price will reflect faster.”

Nico estimates there are around 20 serious pump and dump groups out there but only five “with real power.” “The most powerful have 15,000 to 25,000 [members],” he said.

If market manipulation is as rife as Nico claims, have bitcoin or ethereum ever been subject to it? “We did manipulate these but now it’s too hard with big market capitalization,” Nico claimed. “Our biggest power ever has been around $5 million… [for] one of the groups.” Bitcoin’s market capitalisation stands at over $250 billion as of Friday, meaning a $5 million trade would do little to move the dial.

Nico said he is now working on a “mega-group” that will bring all the members of the Telegram pump groups under one roof. “We are creating a new [Telegram] group called WhalePump where we aim to have at least $10 million power but we will launch our first operation on December 10th,” he said.

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Pumper and dumper is a market fact. If I have an opportunity, I’ll go along with their scenario without joint their telegram group etc. Sell high, buy low. Just pick any coin you want, they always there if volatility is high.

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