The CTFC announced that new cryptocurrency may actually turn out to be a pump and dump scheme.
Typically, when a new cryptocurrency emerges on the market, the demand is very high. However, there is a huge risk that it is a pump and dump scheme. In a pump and dump the promoter quickly raises the value of a worthless asset and then sells it to reap the profits from the price increase. The US Commodity Futures Trading Commission created a bounty program to encourage whistleblowers to come forward with any information relating to companies practicing this tactic now or in the future.
If you or anyone you know may have been affected by a cryptocurrency Pump and Dump scheme, please contact Finkelstein Thompson LLP. You can reach us at contact@finkelsteinthompson.com or call us toll-free at 1-844-280-5009.
