Enzyme, also known as MLN, rocketed from 30 cents to 47 cents in just minutes and daily trading volumes exploded from around $3 million to more than $100 million, according to CoinGecko.
In a sleepy corner of the crypto-economy, the value of an obscure coin called Enzyme was tumbling downwards along with its peers earlier this month -- but then something unusual happened on May 15.
Enzyme, also known as MLN, rocketed from 30 cents to 47 cents in just minutes and daily trading volumes exploded from around $3 million to more than $100 million, according to CoinGecko.
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A few hours later, it crashed back down to 35 cents.
The coin had just been "pumped and dumped", an age-old scam when traders get together and orchestrate a price hike to bag a quick profit.
"In the stock market, pump and dump is illegal, which is why criminals take advantage of the less robust regulatory framework around crypto assets," said Mircea...
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