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Friday, December 09, 2022 1:05:34 PM
KEY TAKEAWAYS
Pump-and-dump is a scheme that attempts to boost the price of a stock through recommendations based on false, misleading, or greatly exaggerated statements.
The favored medium of communication for traders involved in pump-and-dump is social media platforms or anonymized messaging apps like Telegram and Discord.
Promoters of the scheme will then begin to coordinate rumors, misinformation, or hype in order to artificially increase interest in the security, driving up its price.
Then, once the price of the stock has been increased sufficiently by unsuspecting marks, the promoters then sell the stock at high prices.
https://www.investopedia.com/ask/answers/05/061205.asp
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