Ethereum

Million

ERC20

Coin

<ul class="news-points"> 
 <li>Chainalysis reports that 54% of Ethereum tokens in 2023 resembled a pump-and-dump scheme.</li> 
 <li>The report states that the scammers have amassed $241 million through market manipulation.</li> 
 <li>The platform analyzed the tokens traded more than five times on DEXs to identify the manipulation.</li> 
</ul> 
A recent report released by the analytics platform <a href="https://www.chainalysis.com/blog/crypto-crime-2024-pump-and-dump/" target="_blank" rel="nofollow">Chainalysis unveiled</a> that more than half of the ERC20 tokens introduced on Ethereum in 2023 resembled a possible pump-and-dump scheme.&nbsp; 
Drawing insights from the report, Ki Young Ju, the founder and CEO of CryptoQuant, highlighted that the scammers have amassed $241 million through the pump-and-dump scheme with 90,408 tokens. 
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 Scammers made $241M through a pump-and-dump scheme with 90,408 tokens on Ethereum network in 2023. source: <a href="https://twitter.com/chainalysis?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@chainalysis</a> <a href="https://t.co/UFWGS0JINq" target="_blank" rel="nofollow">https://t.co/UFWGS0JINq</a> <a href="https://t.co/RCz5LI8BjJ" target="_blank" rel="nofollow">pic.twitter.com/RCz5LI8BjJ</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1753229043355258952?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">February 2, 2024</a>
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Generally, the pump-and-dump scheme is malpractice where a malicious actor strongly advocates for the surge of crypto in which they have invested and “dump” the tokens later at an inflated price.&nbsp; 
According to the US Securities and Exchange Commission (SEC), the pump-and-dump scheme is…
The post <a href="https://coinedition.com/scammers-amassed-241-million-via-pump-and-dump-scheme-says-analyst/">Scammers Amassed $241 Million Via Pump-and-Dump Scheme, Says Analyst&nbsp;</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Scammers Amassed $241 Million Via Pump-and-Dump Scheme, Says Analyst

Coin Edition

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