are active in Australia, with regulators powerless to intervene in feral markets where opportunists seek to artificially increase the price of coins, before dumping them on less sophisticated buyers.
Other popular pump groups active on Telegram include Rocket Pump Signal, DeFi Million, Mega Signals Group, Cryptoflashsignals, Shitcoin pool, and Mega Pump Group.Unlike arranged sharemarket pumps on Telegram, those participating in crypto pumps are largely immune to liability in Australia as cryptocurrencies are not classified as securities or financial products.
University of Technology Sydney finance professor Talis Putnins and assistant professor Anirudh Dhawan issued their revised academic report in November, which said overconfidence and gambling preferences explain participation in the schemes, which generate large wealth transfers from loss-making late participants to profit-turning early organisers.
On Wednesday, ASIC said it continues to monitor pump and dump activity in Australian securities markets as part of its market surveillance and uses all available tools to disrupt any pump-and-dump activity and enforce the law.One global cryptocurrency investor dismissed many of the Telegram pump groups as amateurs trading in relatively small volumes, where profits would barely pay for some “black caviar and champagne”.
The Joe OO7 Bitfinex pump channel is actively boasting another pump will be arranged soon and invites Telegram channel subscribers to send it $US750 worth of cryptocurrencies or more for privileged early access to the pumps.
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