YoBit, Russia based cryptocurrency exchange has the plan to get more traders to digital currency platform. It pumps random coins to artificially drive up their prices. In the official YoBit exchange twitter handle said that it will inject 10 BTC (~$66,000) into 10 random markets on Thursday morning.
In the twitter, it reads “We will buy one random coin for 1 btc every 1-2 mins 10 times (total buy amount – 10 btc).”
Though not a large sum compared to the global crypto ecosystem’s estimated $12 billion in daily volume, it could lead to significant price increases in thinly-traded microcap altcoin markets.
Many Twitter users immediately questioned whether YoBit’s account had been hacked. However, this does not appear to be the case, unless the hacker also infiltrated the exchange’s website, which currently features a countdown timer for the self-described pump. Other users tagged the official Twitter accounts of regulatory agencies, alluding to the fact that the action could be illegal in many jurisdictions.
Currently, YoBit exchange ranks at 51st world’s largest cryptocurrency exchange, as measured by adjusted daily trading volume. – according to the CoinMarketCap.