Traders Union named top crypto pump and dump groups in 2023
In the ever-evolving world of cryptocurrencies, one strategy has been making waves due to its potential for rapid gains but questionable ethics: crypto pump and dump. While it might seem like a quick way to profit, the risks can be substantial.
TU experts recently told us more about this crypto pump and dump strategy’s inner workings, its associated risks, and some of the top pump and dump groups in the crypto world.
What are the risks of pump and dump strategy?
TU experts warn that participating in a pump and dump scheme carries several risks:
- Legal consequences: Pump and dump schemes are illegal in many jurisdictions, and participants may face fines or imprisonment;
- Loss of reputation: Involvement in such schemes can damage one’s reputation within the crypto community;
- Financial losses: Participants might not sell their holdings in time and could end up suffering substantial losses;
- Market volatility: The pump and dump strategy contributes to market instability, which can harm the overall crypto ecosystem;
- Ethical concerns: Pump and dump schemes are dishonest and exploit uninformed investors.
Top crypto pump and dump groups
Traders Union experts have identified several prominent pump and dump groups in the crypto space:
Mega Pump Group
With over 50,000 subscribers, this group is known for its large-scale operations on Binance, gaining volume quickly during pump events. Boasting a considerable following, Mega Pump Group claims to have access to insider information and provides valuable trading insights to its members.
Big Pump Signal
As one of the largest pump and dump groups, Big Pump Signal has over 70,000 members on Telegram and 200,000 on Discord. The group’s experienced traders coordinate pumps on Binance, providing members with guidelines to maximize profits and offering an affiliate program for early access to pump information.
Big Pump Group
Prioritizing transparency, this growing group has over 30,000 members and operates on Binance.com and Kucoin.com. Big Pump Group aims to provide its members with clear entry and exit strategies and offers an affiliate program similar to Big Pump Signal for additional privileges.
Verified Crypto Traders
With a focus on quality over quantity, Verified Crypto Traders has over 40,000 subscribers and is led by a seasoned trader with over 30 years of experience. The group carefully selects its target cryptocurrencies and offers subscription-based access to spot trading signals, a YouTube channel, and a Cornix bot for automated trading.
Mega Pump Group
Another group operating under the same name but with different management, this Mega Pump Group also has over 50,000 subscribers. The group claims to use advanced algorithms to identify optimal pump targets on Binance, offering a wealth of trading information and a support forum for members to exchange ideas and advice.
Pump and Dump strategies are used on both Binance and other crypto exchanges. While pump and dump schemes may seem tempting, the risks and ethical issues associated with them make traders consider alternative strategies. Instead of participating in these schemes, traders should have a good understanding of the cryptocurrency market and develop long-term investment strategies.
For those interested in trading cryptocurrencies, Bybit is a popular exchange that offers a number of benefits such as market depth, long and short compensation, and mutual insurance against price fluctuations. Crypto traders can benefit from these features to help them navigate the volatile cryptocurrency market. For more information and resources on responsible cryptocurrency trading, visit the Traders Union website.