Crypto Exchange YoBit Starts Pump Scheme

YoBit's cryptocurrency transaction will execute the pumping scheme on random coins, according to a tweet on October 10th. The pumping and disposal system is a form of a fraud trying to inflate the property price through erroneous or false recommendations artificially.

In addition to releasing a tweeted tweet scheme, the exchange has issued a countdown timer for 'YoBit pump' on its website.

YoBit is a Russian digital exchange founded in 2015 that allows access to hundreds of digital currencies. The trading platform has been published several times in reports about suspicious activities and problems with users trying to withdraw funds from their portfolios. According to CoinMarketCapu, YoBit's trading volume is around $ 28 million.



The community reacted quickly. Some users asked if YoBit's Twitter account was dropped, while others had accused the company of fraudulent activity. User @Altcoinbuzzio wrote:

"... It seems Yobit is serious about it, amazing ... surprised to see the exchange."

Another user, @PsychedelicBart, said in one of his comments to the SEC (Securities and Exchange Commission) of the United States:

In November 2017, the Business Insider survey showed that merchants pumped and dropped YoBit via the Telegram messaging application. However, it was unclear whether the stock market was aware of pumping and disposal activities since Yobit did not respond to Business Insider's comment for comment.

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