this post was submitted on 17 Mar 2024
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I learned about Pump and Dump the hard way. π€·ββοΈ
Rough times when you're forced to go at a sketchy gas station π
What is this? Breast milk when drinking alcohol??
Itβs an old scam classically done with penny stocks and in modern times with crypto. Scammer buys up a whole bunch of garbage investments, cold calls a bunch of inexperienced investors and gets them to buy in (the pump), the price of the investment shoots up, and the scammer sells all their shares before the price collapses (the dump.)
Itβs actually illegal, but people still get away with it.