The Wall Street Journal carried out in-depth analysis of the biggest crypto currency exchanges and found that hundreds of currencies are being actively manipulated by dozens of pumpers. These Pump and Dump schemes generated over $825 million dollar in trading volume and $100s of millions of losses for traders who caught in the middle.

The scammers are using Messaging Apps and Private Chat Rooms to pump and dump at will. The Wall Street Journal investigators found obscure ICOs with very little trading activity ‘prior to pump’ jump more than 70% in a matter of minutes.  See the chart of Cloakcoin below.

 Cloakcoin trading activity on Binance.