Pump-and-Dumps Beware: The CFTC Is Coming For Ya!
The United States Commodity Futures Trading Commission (CFTC) is offering up to a $100,000 bounty to anyone willing to whistle blow cryptocurrency “pump-and-dump” schemes.
The idea of a pump-n-dump scheme has been around for many years. This is where someone pumps up the hype around a specific stock or coin and when that stock or coin clears all time highs, they sell off everything. Virtually stealing everyone's money who invested and believed. The most famous case of this came from back in the early 1990's involving a company named Stratton Oakmont and it's CEO Jordan Belfort. If you don't know who they are, just go and watch the movie, "The Wolf of Wall Street," and you will learn just how devious these schemes are.
“If you have original information that leads to a successful enforcement action that leads to monetary sanctions of $1 million or more, you could be eligible for a monetary award of between 10 percent and 30 percent.” This was pulled straight from the CFTC's whistleblower.gov website.
These types of groups have been prevalent in the cryptocommunity. Whether originating on Facebook, Telegram, Discord, or any other social network, they are never a good idea. Where those involved may earn some decent returns, in the end they will lose out big time.
So if you are thinking about starting up a pump-and-dump scheme or even joining one, do not do it. Just don't. Learn other methods to making the kind of money you desire, like day trading or something. Don't join a pump-n-dump group just to steal other peoples money. Karma is a real thing and it will fuck you up in long run.
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