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Influencers Pump & Dump

Description:

A pump and dump is a securities scam usually involving stocks or tokens. Scammers create false hype about a stock or tokens in order to generate interest. Once investors start buying shares, the price of the stock goes up. When the price reaches a certain point, the scammers behind the fake hype sell all of their shares. This causes the stock price to plummet, which leaves new investors holding the bag.

Reference:

https://www.cnet.com/personal-finance/crypto/cryptocurrency-pump-and-dump-schemes-what-you-should-know-about-these-scams/