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   438 crypto masterminds are responsible for the majority of pump-and-dump   
   crypto coin schemes globally, researchers find   
      
   Date:   
   Wed, 02 Apr 2025 21:34:00 +0000   
      
   Description:   
   Cryptocurrency pump-and-dump schemes rake in billions, but regulators    
   struggle to keep up with manipulative masterminds hiding behind Telegram   
   chats.   
      
   FULL STORY   
      
   As cybersecurity faces challenges with common internet scams like phishing,   
   advanced fee fraud, and fake lotteries, cryptocurrency pump-and-dump schemes   
   have emerged as a significant issue.    
      
   A recent study from researchers at University College London revealed just    
   438 masterminds are responsible for the majority of pump-and-dump crypto   
   schemes worldwide.    
      
   These masterminds manipulate crypto coins by inflating prices through   
   misleading hype, selling them once enough buyers are lured, collectively   
   accounting for $3.2 trillion in artificial trading and earning $250 million   
   annually. According to Google, such "cloaking" scams are the most damaging   
   scams around.   
      
   Telegram is the preferred platform for manipulation    
      
   The researchers found popular encrypted messaging app Telegram is the primary   
   tool used by crypto coin masterminds to spread false information, with   
   manipulators using channels and chats to create artificial demand for coins.    
      
   "On the app, chats are used to communicate between potential buyers and   
   sellers," the researchers note.    
      
   With easy communication and limited regulation, manipulators convince others   
   to buy into the hype, leaving many victims unaware of the risks and    
   devastated by the schemes.    
      
   As the research team pointed out, the simplicity of executing these scams   
   "should be of concern to those attempting to make money off crypto coin   
   investing."    
      
   To track these schemes, the researchers developed Perseus, a tool capable of   
   analyzing the coordination efforts behind these manipulations.    
      
   Similar to AI-powered scam detectors like the one developed by McAfee, which   
   stops scammers before they can reach potential victims, Perseus helps    
   identify the masterminds behind the scams and measure their impact.    
      
   Perseus consists of three components: a real-time fetcher, a temporal   
   attributed graph generator, and a mastermind detector. These technologies    
   work together to uncover and track the key figures orchestrating these scams.    
      
   The researchers suggest that tools like Perseus, along with other scam   
   detection technologies, could be crucial in recognizing harmful schemes    
   within the largely unregulated crypto space.    
      
   "At some point, some form of regulation is going to be needed to keep the   
   system running," they concluded.    
      
   As cryptocurrencies grow in popularity, the prevalence of scams raises   
   concerns about market stability, with the lack of regulations leaving   
   investors vulnerable to manipulations.    
      
   Via Techxplore   
      
   ======================================================================   
   Link to news story:   
   https://www.techradar.com/pro/438-crypto-masterminds-are-responsible-for-the-m   
   ajority-of-pump-and-dump-crypto-coin-schemes-globally-researchers-find   
      
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