{"id":22570,"date":"2018-10-11T03:56:56","date_gmt":"2018-10-11T02:56:56","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=22570"},"modified":"2018-10-11T03:56:56","modified_gmt":"2018-10-11T02:56:56","slug":"crypto-exchange-plan-pump-altcoins","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/crypto-exchange-plan-pump-altcoins\/","title":{"rendered":"Crypto Exchange Announces Plan To Pump Altcoins, Publicity Stunt Gone Wrong?"},"content":{"rendered":"<h2><strong>Yobit\u00a0Exchange Reveals Plan To Inject BTC Into Altcoins\u00a0<\/strong><\/h2>\n<p>While the crypto industry is often lauded for its forward-thinking, well-crafted ideas, products, and solutions, some startups in this nascent industry take innovation a bit too far, often crossing regulatory grey areas that may spark action from governmental agencies.<\/p>\n<p>Most recently,\u00a0Yobit, the 45th largest exchange by daily volume at the time of writing, announced a plan to overtly pump ten random altcoin markets in an apparent publicity stunt. It is widely believed that the exchange made such a plan in a bid to garner a larger user base and press, whether good or bad. As the age-old saying goes, &#8220;there&#8217;s no such thing as bad press,&#8221; right?<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">YoBit Pump in 22 hrs: <a href=\"https:\/\/t.co\/RIbW7OhKzM\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/RIbW7OhKzM<\/a><br \/>We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount &#8211; 10 btc).<\/p>\n<p>&mdash; Yobit.Net (@YobitExchange) <a href=\"https:\/\/twitter.com\/YobitExchange\/status\/1050035464609124352?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\" target=\"_blank\">October 10, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The <a href=\"https:\/\/ethereumworldnews.com\/?s=Russia\">Russian<\/a> exchange, which offers a wide variety of altcoins, explained in a tweet that it would buy &#8220;one random coin for 1 <a href=\"https:\/\/ethereumworldnews.com\/?s=Bitcoin\">Bitcoin (BTC)<\/a> every 1-2 minutes on ten occasions&#8221;, which will result in the exchange &#8216;investing&#8217; over $64,000 in organization-owned funds to overtly pump an unnamed set of crypto assets.<\/p>\n<p>As soon as this announcement hit social media feeds, users began to bash the exchange, with many prominent crypto commentators expressing their disbelief that such a business practice would be publicly\u00a0revealed, on a well-followed Twitter page, no less.<\/p>\n<p>Crypto commentator Nye, commonly referred to as &#8220;Shill Nye the Crypto Guy,&#8221; used a specific set of expletives to allude to the fact that this move is unacceptable on many levels. Others, like the analysts at AltcoinBuzz, suggested that this could be a ruse, but were later surprised when they saw that Yobit had actually posted a &#8216;pump&#8217; countdown timer (seen below) on its exchange platform.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/DpKFKEGWwAAD7aq.jpg:large\" alt=\"\" title=\"\"><\/p>\n<p>Crypto s***poster and analyst\u00a0EmptyBeerBottle\u00a0joked that this announcement made him close <a href=\"https:\/\/ethereumworldnews.com\/?s=Twitter\">Twitter<\/a> altogether, adding that such a move indicates that Yobit&#8217;s top brass may not be making the best decisions, to put it lightly. Most importantly, however, was the users who tagged governmental bodies, like the <a href=\"https:\/\/ethereumworldnews.com\/?s=SEC\">SEC<\/a>, who indicated that the shut down of the shady platform was now in order.<\/p>\n<p>Still,\u00a0this move to publicly announce a pump and dump doesn&#8217;t only reflect badly on Yobit, but on the crypto space as a whole, which isn&#8217;t something that this industry can handle right now. Since Bitcoin&#8217;s inception, nearly ten years ago, this technology has been the target of horrendous backlash from governments and traditional firms, especially closed-minded financial institution.<\/p>\n<p>While the crypto &#8216;haters&#8217;, so to speak, have begun to slow the issuance of their inflammatory\u00a0claims,\u00a0Yobit&#8217;s move to &#8220;pump&#8221; coins only legitimizes the hatred toward this budding asset class. As seen the ongoing case with <a href=\"https:\/\/ethereumworldnews.com\/sec-cftc-hits-1broker-crypto-platform-with-charges-investors-worried\/\">1Broker<\/a>, which saw the trading platform fall victim to a coordinated attack from the U.S. SEC, CFTC, and FBI, governmental bodies are willing to take down crypto platforms if they pose a threat to American investors, even if they aren&#8217;t situated in the United States itself.<\/p>\n<p>And while the Russia-based exchange may have other intentions with the in-house pump and dump, it is clear that its plan to inject 10 BTC into the crypto market at random poses a large threat to investors worldwide.<\/p>\n<p>As of the time of press, <a href=\"https:\/\/ethereumworldnews.com\/?s=Yobit\">Yobit<\/a> has yet to issue a statement on the matter or made moves to retract its plans to pump ten altcoins sky-high. However, many have begun to believe that the pump is still slated to occur, as to the chagrin of many of the startup&#8217;s critics, Yobit has still seen a 94% rise in volume in the past 24 hours.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/photos\/d5PYB17O9jE?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Mahkeo<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/search\/photos\/pump?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\" target=\"_blank\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Yobit\u00a0Exchange Reveals Plan To Inject BTC Into Altcoins\u00a0 While the crypto industry is often lauded for its forward-thinking, well-crafted ideas, products, and solutions, some startups in this nascent industry take innovation a bit too far, often crossing regulatory grey areas that may spark action from governmental agencies. Most recently,\u00a0Yobit, the 45th largest exchange by daily volume at the time of writing, announced a plan to overtly pump ten random altcoin markets in an apparent publicity stunt. It is widely believed [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":22572,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,825,947,37,26],"tags":[115,48,83,1342,1270,53,528,4719],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/22570"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=22570"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/22570\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/22572"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=22570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=22570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=22570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}