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Crypto Investors Spent $4.6B Buying 'Pump and Dump' Tokens Last Year

Cryptocurrency investors funnelled as much as $4.6 billion into crypto tokens suspected to be part of “pump and dump” schemes in 2022. A Feb. 16 report from blockchain analytics firm Chainalysis “analyzed all tokens launched” in 2022 on the BNB and Ethereum blockchains and found just over 9,900 bore characteristics of a "pump and dump" scheme. A pump-and-dump scheme typically involves the creators orchestrating a campaign of misleading statements, hype, and Fear Of Missing Out (FOMO) to persuade investors into purchasing tokens while secretly selling their stake in the scheme at inflated prices. (Cointelegraph)

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