YoBit Exchange announces public pump and dump scheme

The Yobit exchange, based in Russia, has tweeted out that they will run a pump and dump scheme every 24 hours by pumping a random small coin by 10btc, therefore skyrocketing the price. This is a bold move as P&D schemes are illegal in most countries and both the SEC and the CFTC are investigating this claim. However, since this exchange is based in Russia, I doubt these agencies can do that much about it. They may block the site from the United States but people can reach it by going through VPN and other means.
YoBit has never been a trusted exchange and there have been many complaints about trouble with withdraws and the exchange withholding funds. While there are many P&D groups that target a variety of exchanges, there has never been an exchange that has tweeted out that they are actively going to initiate one. Most of the large exchanges do buy and sell coins themselves, not to pump or dump prices, but for volume to make it look like they have activity. Even Coinbase has admitted to this. This happens at stock exchanges as well, especially among penny stocks. However, outright admitting of P&D price manipulation is a first and Yobit is probably doing this as a marketing move to attract speculators into their exchange. The fact that their exchange volume has gone up 60% in the last 24 hours tell me its working.

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