Bitcoin Forum

I have been trying out Latoken exchange for a last few weeks and guess what you will find coins pumping 1000% from $1 to $1000 and eventually dropping down to $0.001 within few days. I had invested into Arbismart which had good market cap and I bought this coin for $120 and within a week it dropped down to $0.5 and now it's trading at $0.6. i have lost capital in other three coins as well in this exchange I know it's my fault that I invested without much research but most of the coins have made people either a millionaire or a bankrupt overnight. I believe there is a some high level of manipulation happening with this exchange. What's your thought on this?

I don't know if it's the fault of exchange at all but have you done any research before you hop into this project? Good thing you realize your mistake but I wouldn't call it gambling rather it's a blind investment on your side. Haven't been into this exchange but why settle to exchanges that has shady things happening internally? I think you hop in into this exchange or project knowingly it pumps coin to riches, should just be my hunch though.

Indeed, it was my mistake wherein I jumped into the projects by just looking at the trading volume but never thought a coin can drop to such an extend even when it has a huge trading volume. I have learnt a lesson in hard way not to go for any new coins listed in exchanges like LAToken and purpose of this post is to create awareness amongst others to save them from falling for such traps at the expense of making myself look naive by accepting my mistake as sometimes greed takes over our mind and we end up doing such mistakes.

I just checked their platform and from the looks of it, they seem to be the CEX version of Pancakeswap. I'm not sure about the specific coin you mentioned but by looking at the biggest losers (24% change) it appears that they are useless coins with no use case and with huge circulating supply, you know the type of coins we've been seeing for the last few months (like SafeMoon, ELON, etc.).

So no, I doubt that the team behind the platform has anything to do with the pumps and dumps, but I would still hold them responsible since they are approving this kind of coins for listing.

These claims are taken from their website, and it appears that this platform employs an arbitrage approach to seek a whopping 40 percent annual return, which is kinda ridiculous and too good to be true. Furthermore, there isn't even a legitimate url on the Arbismart website that will redirect you to prove that their useless exchange is indeed "EU licensed wallet, and exchange". Even the price alone is a significant warning sign that you should avoid in the first place.

And I don't think that Latoken has something to do with it.

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- https://arbismart.com/

Exchange is not responsible for how you trade or invest. They have responsibility to filter projects and list them on their exchange. A good exchange will have strict filtering and listing procedure so that scam projects will not be approved.

However, it is bad if you completely rely on exchanges and trust them. We can not know or identify all scam projects so as exchanges. If you make decision, investment or trading, you are responsible for it. Furthermore, trading and investment contains risk and it is somewhat gambling.

AFAIK, that exchange is full of pump and dump tokens. That's why new projects like them so much because they can easily be listed there. But if you choose to trade there, you're fully responsible on how you're going to deal with the markets there.

You've chosen altcoins that you're not familiar with and even most of the people here don't know about that example you've given. I know that the higher the risk, the higher opportunity of pulling out there and become one-time-big-time but still, I would just go with the normal process and trade reputable cryptos or just hold bitcoin.

I only heard about the exchange but not trying to have an account on that exchange. If that is a small exchange, I think some whales who have an account on that exchange can easily move any coin with a low price to the high price in a short time so we should not try to follow the price. You should leave the exchange and not try to recover your loss because that will not be easy since you need to search for the other coins. It is better to stick to your exchange and trade there to recover your loss.

That was a very expensive lesson though and hope that would make you grow in the crypto space and do more with your research skills the next time. Hoping others will be aware of this exchange too as they are shady, there are a lot of reputable exchanges out there to find rather than settling there and get the terrible and shocking experience like you did.

You have a 10-year-old Bitcointalk account, and you even don't know what pump and dump schemes are?

Are you even the original owner of the account?  ::)

You bought pump and dump shitcoins, so there's nothing much to expect from them except making huge losses. You should be knowing this by now after a decade in the crypto space.

actually mate my first trading platform is latoken exchange before i jump in to binance and to be honest that exchange seems has a bunch of fake volumes when it comes token and sometimes there's something wrong with graph such manipulation that can be seen in coinmarketcap, trading view and other exchanges. Someone say it was a bug but seems not because i tried to communicate with the support about my loss because of the sudden drop that didn't existed in other platform but there's no reply from them. That's why i decided to leave and jump in to binance.

the reputation of that exchange is really not so good. pump and dump schemes are everywhere but a lot are happening in that exchange. if the coin has no reason to reach that high price level, then doubt the reason why. you will be holding worthless coins if you will chase possible high profits because it may never come. check the actual developments. if they are pumping without reason, you know what's coming. if you are long enough in this market, this should not be a surprise to you.

Latoken isn't an outright scam exchange (yet) because there hasn't been much to indicate otherwise except the fact that their low volumes is what enables these shitcoins to coordinate pumps and dumps. This is why it is usually recommended to always trade via an exchange that has plenty of volume and liquidity so that it won't be too easy for these tokrneto be dumped sharply and without mercy.

I have avoided them like a plague since it's the first point of secondary market for shitciins.

I have been using LAToken in the past for exchanging some alts I had... they were the first to list some projects and I used them for exchanging some tokens to BTC/ETH/or what I needed at that moment! Basically in and out situations, what I deposit I cash out after exchange and that's it, I never had problems with them, but I do remember them for some high fees, but that was the case with some other exchanges as well!

Whether it has some level of manipulation or not, you are right that you are the one who should blame there.

You become one of those users who got dragged on being a FOMO, expecting you will have the same journey with who got profit decently with those pumps.

What you tell us is no different from what Yobit's doing once they hyped a coin. Imagine a $120 coin will reach the bottom of %0.5 within just a week. That was crazy. I think you learned lesson from that and I hope that will served as your reference on your future actions.

Things like this you can find also on exchanges that traded many coins with low cap and trading volume is very low so it is very easy to pump and down instantly.
My guess is you chose that coin to make a profit quickly (sorry if it's wrong) maybe it's time not to play around in that area, fear that you will eventually lose a lot, why not start a new one with a coin that is clearly developed.

Oh man that was a huge loss at your end, saw the price history it already happened from the last 2 weeks, from $382 to $37 so no doubt that coin is subject for manipulation, either by the team or some whales trying to play the market. Wait for the price to recover and sell immediately. 

This is also what I am thinking, lol. There are a lot of exchanges like this which lot of shitcoins listed. And another thing, there is some part for the exchange fault because they should have some research first before listing such coins compared to other popular and well reputation exchanges.

Another thing is using such Decentralized Exchange (DEXS) is also the best idea for this which you will really find gambling what you are saying OP. A lot of shitcoins listed there but some will give you huge ROI especially when you enter at the right time.

Most likely with that too much price drop, it's likely that the devs have already sold what they have. I have seen this scenario many times and it's only in the metaverse tokens that happen but also with the casual projects. After reaching a certain high, that's the time that tests out that project and the devs. If they're really for the project, they would develop and continue it but if not, they'll turn to what they really are and that's the rug pull that we all know. Well, that exchange is known for that scheme of listing new coins, if you know how to use them by getting in and out at the right time, that's how it should do but they're not limited to those type of coins.

I’m so sorry to hear that, OP. I know it is easier said than done, but I hope that this won’t make you lose hope. You have gambled your way and success in investing with such coin, and I bet by now you already know that it would be a dream to hope that the project will be revived and continued by the team. But hoping to that might just give you more heartaches, it is best to move on along with the lessons you have earned from this experience.

You simply didn't know how early listing works. Newly list coins usually pump for a couple of days since its the only time you can buy coin very cheap considering the coin launch IEO on Latoken. Then it will dramatically drop below the initial price when the price reach the stagnant part where no one is already buying to push the price upwards. This is the important cycle which newbie traders didn't know and just do impulse trading due to FOMO. Its a common cycle on crypto which is same to ponzi scheme.

Latoken is not an exchange to me, they are thieves disguised as an exchange to rob people off their hard earned money, latoken used to be one of my best exchanges until they totally changed, withdrawal fees are very high, trading fees are very high, they even take deposit fees, what exchange that wants customers take deposit fees and still take withdrawal fees from their customers? No new project that lists on latoken as it's first centralized exchange ever succeeds, that's why the exchange full of shitcoins with bots trading against each other, no real liquidity.
If you don't want to have regrets like the op, stay away from latoken, latoken is a real bad news to crypto currency space.

Well price manipulation is not only happening in LATOKEN because I saw some trash coins get pumped 500%++ in other exchanges too and dropped more from the gains. In my opinion it's not the exchange fault but there's some pump group that manipulate it when new people see the huge gain they will invest in there and the group who did it will sell their holding to get profit from it

Not sure with LAtoken exchange because this market always make new coin listing price dump, but with withdrawing and deposit as process faster, ever I withdraw and deposit coin received from bounty campaign credit without 5 minutes, withdrawing only few minutes for completed.
But I dislike from Latoken exchange because not safety for new coin listing, looks have working each other between developer coin and Latoken how to make price dump drastically although few hours after listing.

I have been using LAToken for years now and I can tell you that i have had a good experience maybe because it is not my primary trading platform, I just go there to sell some coins and withdraw it ASAP.
Regarding what happened to you, I will tell you that it is not unique to LAToken but can also happen on other exchanges and even the big ones. And there responses is usually that exchanges are not responsible for buyer's trading decisions i.e. they don't give investment advise.
You already said you've learnt your lessons and I hope you keep to it.

LAtoken is an exchange like the other exchange. But I do not know about the listing of the new coins. But I think it is normal if you see the price can increase so high in the first time of the listing but then the price suddenly drops too deep. It is happens with many coins so it is no surprise at all. You have your lesson not to buy the new coin at the exchange because you risk your money because the price can back to the lowest price and will not increase back to the last highest price.

Sadly, that kind of scheme victimized you. That rug pulls that most of the newcomers come encounters and, of course, with the FOMO that everyone feels when they have achieved something incredible at the start. I'm curious about how much the coin reached? Like from the $120 you have, what is the ATH of that coin? Maybe if you try it again, once you have seen profit with the currency itself, you should go out as fast as possible and wait for the market to dump again.

I think that there is manipulation and the people who are benefitting it are the ones who created it and who have a lot of coins for it. I think that's one of the most essential and crucial things on a project. The people behind it and knowing that they will dump on you or stay for a long time.

I don't know how Latoken selects tokens that will be listed on their exchange, it looks like a lot of them are trash tokens...

indeed latoken is not much different from other exchanges but they are not selective in selecting tokens for listing, unlike binance, ftx or kucoin which are very strict in selecting tokens that want to be listed.

I don't think there's a manipulation there's a lot of like that too in KuCoin and it's not manipulation but rather a quick hype I think it's more of a gambling but if you ever manage to bought a coin that is hyped then I think that could be a jackpot but unlike gambling you won't be able to have $0 here only -90% but not totally 0 but it depends if the coin really managed to go $0 that's very rare.

ya.ya.yo!

It could be an exchange or a gambling site depending on the motive you are trading with. Latokens is just similar to anyother exchange you can find on the web and it's up to them to list coins at any time so it's left to the investor to carefully do their research. Not all coins on an exchange has good potential some are  projected  for hypes while some projects just fail after it's developers abandon them. So doing your own research is the mistake you made. You should be patient enough to see if it might retest it's ATHs in the future

You question LAtoken when your money is gone, it's quite confusing because usually when someone asks is before he acts. Because this has already happened and the money you invested simply disappears in the usual LAtoken style of arbitrary pumping and tossing. Your money that has been lost with a large enough nominal will definitely be difficult to return, LAtoken is an exchange that many avoid. Their case is apart from selling and buying scam tokens for the benefit of people who deliberately play in it.