Pump Service By Yobit!

[shasan]

First of all want to say it is not scam accusations.

Yobit is a reputed and old exchange site. But it has a lots of scam coins. I think yobit has highest numbers of scam coin. And few of them is their own coin. For example: Liza, Lizun, Lambo, Limbo, Yozi, Yovi and might have many more. We know it. But recently it has started pumping service. They announce pumping time on email as well as their twitter which is linked to their website.
Screenshot:


Archive: https://archive.fo/3SKs4

My question is: Is it legit to pump coin officially as an exchange?

[1714841652]

1714841652

[Mirae]

no its extremelly shady to do so, yobit has an bad reputation already and i think that with this recent behaviout from them they just show how untrustworthy they are

[The Sceptical Chymist]

Yobit is a reputed and old exchange site.

It's one of the oldest exchanges, but it's hardly "reputed".  There have been more scam accusations leveled against Yobit on bitcointalk than probably any other exchange other than the ones that actually pulled exit scams, e.g., Mt. Gox and Cryptsy.

As far as this coin-pumping scheme goes, I don't think any exchange ought to be in the business of doing anything like this.  Never.  Can you imagine if a stock brokerage like TD Ameritrade or E-Trade or one of those decided to pick penny stocks at random and manipulate them in a pump & dump?  For one thing it's illegal, but for another it's unethical for an exchange to screw with what should be a free market.  What if you're someone who owns one of the coins Yobit is playing around with and didn't plan to sell it?  You might be very pissed off that an exchange is causing the price to go haywire--I know I would be.

So no, I don't think what Yobit is trying to do here is proper.  But it doesn't surprise me at all that they're the ones who came up with this hare-brained idea.  They don't seem to give a shit about their customers and apparently not about free markets either.

[Slow death]

Yobit is a reputed and old exchange site.

 

reputed?

What the hell are you saying?

YOBIT Scam Exchange

Yobit Scam withholding 10BTC

Yobit scammed his clients - no withdrawal - no support - no nothing

see this username: @scammedbyYobit

YOBIT scam!!! BTC wallet empty

YOBIT Scam/Theft - waiting five months on $10000

and there are many other cases

reputed exchanges are binance and some others, exchanges like yobit should already have been closed by the governments and now promote pump and dump  schemes

My question is: Is it legit to pump coin officially as an exchange?

Unfortunately, it is legitimate because yobit is not regulated, although pump and dump schemes are illegal.

However, pump and dump schemes aren’t illegal on cryptocurrency exchanges. Cryptocurrency exchanges are not regulated; there is no piece of the legislature about cryptocurrency exchanges. So even though a pump and dump is unethical, it is not officially illegal (yet).

Pump and Dump in Crypto: Cases, Measures, Warnings

[Saint-loup]

Yobit is not alone according to the New York State Attorney General...  

In addition to permitting employees to trade for their own personal accounts, several platforms reported that they engage in proprietary trading on their own venue. In other words, customers who submit an order to buy or sell a virtual asset could have their order filled not by another customer, but by a “trading desk” run by the platform itself, trading on behalf of the platform for its own account.
[...]
The OAG found that significant variation exists in the amount of trading activity attributable to those platform operators. Circle reported that it accounted for less than one percent of the executed volume on its platform Poloniex during the most recent time period reviewed. BitFlyer USA indicated that its own activity accounted for approximately ten percent of the executed volume on its platform. Another, Coinbase, disclosed that almost twenty percent of executed volume on its platform was attributable to its own trading.

https://virtualmarkets.ag.ny.gov/#section3

[LeGaulois]

It is called market manipulation and of course, forbidden in most countries. I can imagine a bigger exchange busted doing it and the result on the new media. As a company, you can get real trouble. Don't know where Yobit is located but you can be sure that soon or later Yobit will know how it is to play with the fire

[magneto]

It's extremely shady, and I would have long labelled them as a scam altogether.

The problem is that this kind of pumping by the exact same people who are operating the exchange means the possibility for them to do insider trading and buy into coins in order to make a profit before anyone knows what the coin is they are pumping. And of course, this is pretty much the purest form of mainpulation you can see.

I personally think that they were already a scam based on all the reviews they've got in the past, as well as their ponzi like investbox feature. This only solidifies this.