How does Yobit crypto pump bot work?

3 answers

• Nov 28, 2021 · 3 years ago
  The Yobit crypto pump bot is an automated trading bot that is designed to artificially inflate the price of a specific cryptocurrency within a short period of time. It works by placing a large number of buy orders for the targeted cryptocurrency all at once, creating a sudden surge in demand and driving up the price. Traders who are aware of this pump and dump scheme can take advantage of the price increase and sell their holdings for a profit. However, it is important to note that participating in pump and dump schemes is highly risky and can result in significant financial losses.
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• Nov 28, 2021 · 3 years ago
  The Yobit crypto pump bot is a controversial tool used by some traders to manipulate the cryptocurrency market. It involves a coordinated effort to buy a specific cryptocurrency at the same time, causing a sudden price increase. This artificial pump in price attracts other traders who are unaware of the manipulation, leading to a further increase in price. Once the price reaches a certain level, the traders behind the pump sell their holdings, causing the price to crash. This practice is often referred to as a pump and dump scheme and is illegal in many jurisdictions.
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• Nov 28, 2021 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi does not support or endorse the use of pump and dump bots like the Yobit crypto pump bot. We believe in fair and transparent trading practices that benefit all participants in the market. It is important for traders to be aware of the risks associated with pump and dump schemes and to avoid participating in such activities. Instead, we encourage traders to focus on long-term investments and to conduct thorough research before making any trading decisions.
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