This is a transfer to the criptomundo of the classic scam with shares of less than a dollar (penny stocks) on the stock exchange. The tactic is to artificially inflate the price of a very little-known Criptomoneda by massively coordinated purchase and promotion with fraudulent advertisements.
Once the price reaches a certain level, it gives a massive sale to collect profits, which returns to bring down the value of the Criptomoneda. Hence its name: “Inflate and discard.” Those who are most affected by this practice are the ones who bought the token at its inflated price, believing that it would continue to increase or that this would be a sign to trust the project. That is why, in the world of regulated markets, this scheme is illegal.

Now, in the Criptomonedas world, given the existing loopholes, pump and dump groups in chats like Telegram don’t bother to hide and even invite you to join the coordinated purchases and sales of certain tokens. But this practice is still illegal.

Due to the existence of schemes like these, if your intention is to put your funds in some criptoactivo, it is important to investigate their bases, achievements and future plans, instead of just looking at their price in the market. You should also be wary of any news found only on social networks: In February of this year, a group of pump and dump managed to increase the value of the GVT token by creating a fake account of John McAfee on Twitter, where they published that this was the “currency of Day. “

Pyramid schemes
They consist of investing in a new platform or project where greater profits are promised as new participants are captured. Although a referral system is used, it is worth mentioning that they can also be used legitimately when a product or service is recommended and the Commission is won. However, the idea of the pyramid schemes is that the last participants produce the earnings of the first, as in a pyramid. So when there are not enough new participants, the pyramid collapses and the administrators disappear with the funds already collected.

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In this type, together with the referral system, the trade of an alleged new Criptomoneda is involved, usually centralized by the company that promotes the scheme. Such Criptomoneda actually has no organic value, but is given by the same members of the pyramid, who buy it under the promise that in the future will be useful as a method of payment, as fuel for a new platform blockchain that is intended Develop or that will be worth thousands or millions of times more. This, of course, is false.

The price of such a currency (if ever existed) plummets when the pyramid does, leading to large losses to investors. Such was the case of BitConnect in the middle of this year: its administrators promised to launch a house of loans that would use the Criptomoneda BCC as fuel, while the users would continue to profit by referrals and money invested. Now it is no longer traded in any Exchange house. On the other hand, only in China were identified more than 100 scams with false criptomonedass linked to pyramid schemes.


In many cases, scammers simply invite anyone who can to invest Criptomonedas already existing in their initiative. They create a network where confidence is conveyed to the oldest investors, since they receive at least some of the interests promised (thanks to the new investors), so they continue looking for referrals that keep the pyramid standing for a while.

This type of scams are usually spread across social networks, but they are quite common in Facebook’s specialized groups, where different individuals make investment announcements that are too good to be true, promising unreal gains, Ensuring that there is no risk, that the project is 100% real and that they have given excellent results.

Phishing consists of impersonating an authority, company or even someone, in order to deceive the victim into revealing confidential information. In this way, the attacker will be able to access their accounts or portfolios and steal the funds.

We can distinguish various types of phishing used in the Criptomundo:

Clone sites
This is the most common type. Here scammers prepare a website identical to the legitimate, which can be from a Exchange house or online wallet to the official website of some initial currency offer (ICO), and propagate it by different means, including email, chats and even Google ads that can be confused with the original page in the search results.

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