In popular social networks and instant messaging programs, including Telegram, the number of posts about the manipulation of the securities market using the pump and dump method has become more frequent lately. corresponding trend bring out Analysts of the Central Bank of Russia (CB).
“The Bank of Russia has identified the facts of market manipulation in organized trading in common stocks of PJSC Saratovenergo for the period 04/06/2021 – 04/07/2021. In April 2021, the Bank of Russia, as part of its supervision of non-standard activities at the auction, revealed on the PInvest Group Chat on Telegram a series of posts encouraging private investors to coordinate transactions on the exchange.
Organizers of this type of Pump & Dump use some Telegram channels devoted to financial matters, which usually have a large number of subscribers. Such a resource publishes messages designed to motivate subscribers to make one-time, one-way transactions with a certain level of security in organized commerce. Representatives of the currency regulator also explained that the main purpose of such manipulations is to change the market value of shares.
14 October Vadim Uvarov, Director of the Information Security Department of the Central Bank of Russia (CB) declaration about the increase in the activity of financial fraudsters in recent years. If in 2019 4.5 billion rubles were stolen from citizens, then in 2021 – already 13.5 billion rubles.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.