SYScoin Pump & Dump by Binance
Today was another Binance special, a total pump and dump scenario where a crappy $SYS coin (recently valued under 20c) was apparently sold for 96 bitcoin ... 96 x $6500 = $624,000. If you believe the hype that is.
After a decade+ trading the stock market I have seen some fishy things but today was totally spectacular in the crypto scene.
On the ASX “Australian Stock Exchange” most traders follow the daily volume in order to squeeze a few pips. Non liquid stocks are usually advertised on exchanges with volume & percentage gains, meaning if you have a non popular stock and you want people to notice it you buy it up to gain a +25% to 35% or more which usually lists the stock in the top 10 movers of the day. Some people do this for days pushing the stock up so noobs can bite the carrot and drive the price up to the moon. I better ad a disclaimer here that I personally have never done such a thing… cough cough !!
In Binance’s case today an API bot was blamed for the manipulation or a slip up we can call it. Although not much was explained and wont be explained that is what we were told.
Fact is nobody would keep 96 bitcoins on any dodgy exchange nor be stupid enough to buy a shitcoin for that amount of money. So why did it happen? Let me ask another question first. Would you spend 100 bitcoins to churn over volume to create a buying frenzy?
In this case it was able to create demand over 35,000 bitcoins which got played for nearly 4 hours (15,000 BTC) pumping and dumping to trap more noobs up top leaching them back down towards the base.
During the bloodbath of $SYS and before halting trading, Binance went for another jugular kill attacking (ie: Pumping & Dumping) $MANA
And $SNT chart got totally rekt too
Then they capped the morning off demoralizing another chart $APPC
All in all it was great fun but there is always some people left holding the top of the empty bag. Oh before I end this post lets not forget KEY was a major contributor to Binance profit pumping too today churning a solid 32,000 bitcoins. Since listing this coin has rekt so many creating a new cult of coiners.
$DNT was the odd one out not basing before Binance halted trading. The pump was just getting warmed up but check the big pink candle on re-open = REKT.
Trading halted at 10.22am Sydney time and resumed at 6.00pm for the major dump to rekt all the $DNT hopefuls that got stuck with the unexpected trading halt.
Traditional stock markets have a buffer of 30% before red flags are produced to halt trading. Even though crypto is not regulated some exchanges do have a blocking mechanism, so one cannot buy way over the market price. In this case it was a free for all.
How else does one become the leading exchange in less than 6 months of operation?
Many people don’t speak out but they are doing more damage than good by accepting this dodgy crap. Don’t be blinded by potential profit and show that you care by talking about these anomalies to make crypto a cleaner place. The cleaner we can keep it as a community, the more nocoiners we will attract boosting the market caps beyond our dreams.
So let me end this post with a little humour, we gotta have some fun.
Oh and before I forget “Apparently” 7019 BTC was withdrawn, check here
A reddit post which claims the hot wallet belongs to binance here
I love trading, it is my life, my blood and hope I can make the place cleaner, better & more profitable for all.
#My2c Thanks for reading and keep pumping & check out my twitter where I bully people around for fun & sometimes post decent material.