The Australian financial watchdog has revealed the details of how it took down ASX traders suspected of taking part in a coordinated Telegram pump and dump scheme.
The Australian Securities and Investments Commission (ASIC) has revealed the details of how it took down crypto “pump and dump” Telegram groups back in October. A pump and dump scheme typically involves using social media to coordinate users to buy large amounts of a thinly traded token to artificially inflate its price. They then cash out with massive gains after other investors, who aren’t in on the scheme, FOMO in on a momentum trade. The new documents reveal that ASIC has been taking counsel from finance academic and crypto researcher, Talis Putnins since early Oct. A 38-slide presentation by Putnins to ASIC investigators revealed that pump and dump schemes are cyclical, peaking back during 2018 and again in 2021. The presentation stated that they tend t
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