On October 12th, YoBit tweeted saying that it’s going to pump a random crypto for 10 minutes, then dump it – hoping that others would join in the action. The random coin was PUTIN and it was pumped up a whopping 1398.30%. Since then, word has spread right around the crypto world and it has become a pretty popular crypto exchange for people looking to make a quick buck. Next up on the pump timer was LAMBO, which saw a final increase of 237995% – a simply insane figure. Unfortunately, the fame – or should we say infamy – is starting to go to YoBit’s head and as a result it’s doing these pumps more frequently and giving less notice to traders.
Next YoBit Pump in 20 hrs! Timer: https://t.co/RIbW7O09bc
It’s high risk! Never invest money that you can’t afford to lose.
(Most Important Rule of Investing) No more refunds.
— Yobit.Net (@YobitExchange) October 16, 2018
Warning Users of the Dangers
You have to applaud YoBit, while it’s encouraging illegal trading methods it’s still warning traders of the dangers and risks involved. It is taking a very soft and careless approach to a touchy subject in the crypto world. The SEC has accused the crypto world of being too easy to manipulate price wise on multiple occasions, and YoBit is proving the SEC right.
Traders Getting Burnt
A handful of traders that have taken part in the exchange’s pump and dump sessions are reporting that it’s impossible to sell their stake in the cryptos. Many are calling it a total fix that leaves traders buying into coins on the way up that they can never actually sell on. However, the exchange has hit out at these traders, saying that they simply aren’t skilled enough to get out in time and therefore shouldn’t play the game.
Making a Mockery of the Crypto Trading World
YoBit certainly approaches life with a unique attitude. It’s a happy-go-lucky crypto exchange that adheres to virtually no international rules. There is little to no KYC process in order to create an account, meaning just about anyone can dump money into the platform. In addition to this, it’s Twitter – or should we call it Titter – profile cover photo is rather different to the type of images crypto exchanges use. It’s this attitude that is essentially sticking its middle finger up to the crypto world and regulators. It doesn’t appear to take anything seriously other than its pump and dump schedule.
There is no end in sight for YoBit’s pump and dump shenanigans, as such this exchange is best to be avoided. While the allure of making mega bucks in record time is very attractive, there is a good chance you will lose everything. Remember, the people organizing this have been planning for days and have already bought the crypto at a lower price. As soon as you get in the exchange is getting out, leaving you high and dry. Our best advice is to avoid pump and dumps all together and stick to trading legally.