Altcoin Pump and Dump illegal/legal?

[nacho999]

It's not Illegal, as any Cryptocoin exchanges aren't regulated.  But in joining one, you probably have a better chance of losing alot of money than gaining, since the guys at the top always make sure they get out first, then they give the signal and everyone else scrambles to make it out alive.

I't's not illegal definitely and I agree with you that the one that created this group are just using people to make a huge profit,they dump while you pump, they accumulate early then dump when they announce that they are pumping so it's usually the other way around,it's like go buy my bags of shits.

Exactly, unfortunately people see past it or they decide to use it anywhere in an attempt to make some gains.

But when you look at the last pump-stats of the channel, there is no pre dump in the charts, strange

[EthBooks]

Not just big organized groups and trade exchanges, but even individuals who are trading altcoins should make yourself aware of the legal risks of aiding and abetting said manipulation groups...according to this article:

http://www.coindesk.com/the-cftcs-not-so-hidden-message-traders-beware/

[letsgoman]

I hope they are or become illegal very soon. The owners of these groups are taking easy money off of new people that are coming into crypto and don't know how these groups work.

[giveen]

About bittrex they can't really ban because they have no proof you are part of the pump group you can just say you simply wanted to buy the coin. About the groups i don't really know how it can illegal as bitcoin isn't regulated so there are no rules how you should use it but i do see some groups posting that they have a backup and a legal team. God knows but if you are making profit why do you care just enjoy.

[GreenBits]

I hope they are or become illegal very soon. The owners of these groups are taking easy money off of new people that are coming into crypto and don't know how these groups work.

This is illegal as hell already. A decent prosecutor could make a good case for financial fraud. In normal markets regulated by the SEC, it's pretty much illegal to do anything but speculate. Cornering the market, IE buying up everything on a market so you can manipulate the price. And using FUD or manipulating the price of an asset to alter confidence is just as illegal. Most people get in trouble for insider trading, which leads me too..

About bittrex they can't really ban because they have no proof you are part of the pump group you can just say you simply wanted to buy the coin. About the groups i don't really know how it can illegal as bitcoin isn't regulated so there are no rules how you should use it but i do see some groups posting that they have a backup and a legal team. God knows but if you are making profit why do you care just enjoy.

This is so easy to prove. They would simply audit Polo for trades, accounts and IPs. After they match everything up, they would contact you, and interview you. Unless everyone has their story really, really straight (like why everyone decided to trade at the same time), someone is catching a charge.

Do not fuck with the IRS/SEC. You will catch your issue

[ShadowBits]

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed.

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer.

Greetings, Nacho

Why do I have a feeling that you are actually advertising that channel.There is a way you could have directed your question without actually putting the link up there because what you have done is just to promote this social menace in the crypto-world because the more people join, the more calamity will be done to the crypto-world. Although, its not illegal but its immoral because it means that innocent people will be losing their investment due to that while some people will be rejoicing at that.

Yeah seems like
Just like to say that anyone advertising pump groups should be banned. THESE ARE SCAMS. The people that run it choose a coin thats low and put their money in so it pumps. THEN they announce thru their telegram app what the coin is and to PUMP. within 2 mins they then SELL and DUMP what they bought leaving everyone else scammed.

[Ipwich]

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed.

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer.

Greetings, Nacho

Why do I have a feeling that you are actually advertising that channel.There is a way you could have directed your question without actually putting the link up there because what you have done is just to promote this social menace in the crypto-world because the more people join, the more calamity will be done to the crypto-world. Although, its not illegal but its immoral because it means that innocent people will be losing their investment due to that while some people will be rejoicing at that.

Yeah seems like
Just like to say that anyone advertising pump groups should be banned. THESE ARE SCAMS. The people that run it choose a coin thats low and put their money in so it pumps. THEN they announce thru their telegram app what the coin is and to PUMP. within 2 mins they then SELL and DUMP what they bought leaving everyone else scammed.

You cannot prevent them from doing it and it is not illegal, we should be smart and not to fall for that kind of trap.
In the world of crypto there are a lot of ways to make a fortune but we need to be smart enough to get on the right timing so you can
make money at the right time and eventually grow it more as you are getting more aggressive.

[hase0278]

You cannot prevent them from doing it and it is not illegal, we should be smart and not to fall for that kind of trap.
In the world of crypto there are a lot of ways to make a fortune but we need to be smart enough to get on the right timing so you can
make money at the right time and eventually grow it more as you are getting more aggressive.

No one can prevent them but pumping and dumping coins somewhat needs to be illegal in cryptoworld all over the world. There are laws about money laundering in US that states that it prohibits money laundering through other informal value systems, and cryptocurrency can be considered as an inform value system. Therefore, crypto pump and dump can be considered illegal on US at least and those doing it on US can be subjected by law.

[sinner]

If you are afraid of illegality just pick up a phone and call your local police. they are there to tell you what is legal and what is illegal. None of them is here. And every place on world have different laws and rules.

LOL the police definitely dont know.  local police are fucking morons.  if you want a reliable answer you call the right lawyer.

that being said, i think pump n dumps are legal in crypto even tho they're illegal in stocks.  theres just no laws for it yet.. even if they make em, kinda hard to enforce with VPNs n stuff.

[JuniAiko]

You could probably try collecting the identities of the key members if possible, and wait patiently till cryptos are regulated, and contact them that YOU KNOW!

I have read that banks are actually involved in some of the pump and dumps; at least in the stock market, etc.

[Thyaga]

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed.

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer.

Greetings, Nacho

Of course it's not illegal because the exchange where the pumps and dumps have got approval from the government where they work.

[Ceballos]

This is free market not a regulated stocks market.
so there is no problem about legality. Its all legal.
You can pump or dump all coins feel free

[IgniHash]

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed.

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer.

Greetings, Nacho

Maybe, it's not regulated yet. But form my perspective, pump and dump group can damage the crypto community. They only make a profit for themselves. I've been joined some Pump and dump group, and there is no positive impact for may crypto future.   

[hansbans]

Absolutely legal. But if you do not have experience, you may lose your money due to the signals from these groups. Be careful that these groups made for speculation may harm you.
I dont use them and im feelin safe

[Goldberg007]

Ofcourse its legal in the crypto market.You can pump and dump all coins feel free.If you are earning money from it enjoy it.

[magpie_lover]

Dear Community,

i found a channel/group where they pump and dump altcoins (https://t.me/AltcoinPumping)
I joined it, but I saw, there are over 16.000 members investing in a mentioned coin (sometimes more than 800 Bitcoins) and I have a little bit fear now, because it´s so big, that I think, it is not allowed.

Is here a expert or something who can tell us, if "Altcoin pump and dump" is illegal?
And how is the tax handeled with pumping profits?

I hope, you can help me, I searched in other boards and in different topics, but no one had a "save" answer.

Greetings, Nacho

The answer to the question regarding legality will depend on the jurisdiction and will be different for different countries, but I do think in most countries this kind of action will attract the attention of the Regulators.  CFTC in the US, for example, has already called out this and have set up a bounty for the whistle blowers.

Link - Blow the whistle on pump-and-dump schemers