FAKE PUMPS IN CRYPTO â
#fakepump $BTC What is a fake pump?
A pumpâandâdump involves insiders or scammers buying a lowâliquidity token, shouting hype (often via social media, Telegram, Discord), driving the price up artificially, then selling at the peakâleaving most others holding worthless coins.
Several recent memecoin-related hacks and scams are perfect examples:
The Solana launchpad Pump.fun X (Twitter) account was hijacked to promote a fake â$PUMPâ token. It raised over $5â before disappearing
WIREDâs journalist X account was also hacked, pushing a fabricated memecoin. Hackers made ~$8â10âŻk in under 20 minutes.
đ Why now?
Low-liquidity cryptos and memecoins are incredibly susceptible to these manipulations.
Social media platforms amplify hype instantlyâbots and promos spike volumes unnaturally .
Ongoing regulatory cracks havenât kept pace; many pump orchestrators stay anonymousâand can evade enforcement .