- Pumping and diver schemes dominate cryptography markets, promoted by 438 manipulative intellectual authors
- The ease of communication of Telegram feeds the emergence of cryptographic manipulations
- Advanced tools as Perseus exposes encryption scammers, but regulation remains essential
As cybersecurity faces challenges with common internet scams such as phishing, advanced rates fraud and false lotteries, cryptocurrency pump and pump schemes have emerged as an important problem.
A recent study of researchers at the University College of London revealed that only 438 intellectual authors are responsible for most of the cryptographic pumping and discount schemes worldwide.
These intellectual companies manipulate cryptographic coins by inflating prices through deceptive exaggeration, selling them once enough buyers are attracted, collectively representing $ 3.2 billion in artificial negotiation and earning $ 250 million annually. According to Google, such “cover -up” scams are the most harmful scams.
Telegram is the preferred platform for manipulation
The researchers discovered that the Popular Telegram encrypted messaging application is the main tool used by Crypto Coin Masterminds to disseminate false information, with manipulators that use channels and chats to create an artificial demand for coins.
“In the application, chats are used to communicate between possible buyers and vendors,” the researchers point out.
With easy communication and limited regulation, manipulators convince others to buy exaggeration, leaving many unknown victims of risks and devastated by schemes.
As the research team pointed out, the simplicity of executing these scams “should be worrying for those who try to make money with the investment of cryptographic currencies.”
To track these schemes, the researchers developed Perseus, a tool capable of analyzing coordination efforts behind these manipulations.
Similar to scam detectors with AI as the one developed by McAFEE, which stops the scammers before possible victims, Perseus helps identify the intellectual authors behind the scams and measure their impact.
Perseus consists of three components: a real -time search engine, a temporary attributed graphics generator and a master -mind detector. These technologies work together to discover and track the key figures that orchestrate these scams.
Researchers suggest that tools such as Perseus, together with other scam detection technologies, could be crucial to recognize harmful schemes within cryptographic space to a large extent not regulated.
“At some point, some form of regulation will be needed to keep the system in operation,” they concluded.
As cryptocurrencies grow in popularity, the prevalence of scams raises concerns about market stability, with the lack of regulations that leave investors vulnerable to manipulations.
Through Techxplore
