You have successfully emailed the post. A man who claimed to run a chat group used to coordinate “pump and dump” scams contacted Business Insider to explain why he does it. Black Hat USA 2013 attendees pass under a projected Black Hat logo during the hacker convention at Caesars Palace in Las Vegas, Nevada July 31, 2013. A person claiming to organise these scams got in touch with BI crypto forum research group our first report.
He argues that manipulation is “everywhere” and says it’s “a game. He claims to have made “hundreds of thousands” trading and claims groups on the deep web organise even more sophisticated market manipulations. LONDON — Meet Nico, a techie from Belgium who spends his days trading. Nico — the name he gave Business Insider — used to play the stock market but he has increasingly favoured cryptocurrency markets in recent years.
Market manipulation, it’s everywhere,” Nico told Business Insider. That’s why this pump-is-the-devil thing is funny. Nico claims to run one of the groups on messaging app Telegram that are used to coordinate the buying activity. We all use Bittrex for market manipulation,” Nico told BI. Because it’s faster and easier and if we are all on the same platform, the price will reflect faster. He has been trading in cryptocurrency markets for two and a half years and estimates he’s made “hundreds and thousands” in profit. What has he spent the money on?
A Tesla and a deposit down on a small house, he said. 108,000 in the UK, according to prices listed on the company’s website. A spokesperson for Bittrex told BI that “any kind of market manipulation is strictly prohibited by our terms of service” and said that it “conducts periodic compliance reviews” to “protect our service and users from harm. BI spoke to Nico for over an hour over Skype text chat, explaining why he and others engage in pump and dump scams, why he doesn’t think they are a bad thing, and talking about plans to build a mega-group of pump and dumpers. Telegram groups and a forum on the deep web to support his claims.