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Title: The Economics of Cryptocurrency Pump and Dump Schemes
The surge of interest in cryptocurrencies has been accompanied by a proliferation of fraud. This paper examines pump and dump schemes. The recent explosion of nearly 2,000 cryptocurrencies in an unregulated environment has expanded the scope for abuse. We quantify the scope of cryptocurrency pump and dump on Discord and Telegram, two popular group-messaging platforms.We joined all relevant Telegram and Discord groups/channels and identifiednearly 5,000 different pumps. Our findings provide the first measure of the scope of pumps and suggest that this phenomenon is widespread and prices often rise significantly. We also examine which factors affect the pump’s “success".  more » « less
Award ID(s):
1714291
PAR ID:
10098691
Author(s) / Creator(s):
; ; ; ; ; ;
Date Published:
Journal Name:
Workshop on the Economics of Information Security
Format(s):
Medium: X
Sponsoring Org:
National Science Foundation
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