I dont think it is an accident. I have a feeling those behind it on Upbit made a pretty good sum.
Posted Using LeoFinance Beta
You are viewing a single comment's thread from:
I dont think it is an accident. I have a feeling those behind it on Upbit made a pretty good sum.
Posted Using LeoFinance Beta
How's that possible, what's the gameplay?
Simple. They have a closed exchange off limits to non Koreans. There is a lot of HBD on the exchange. Someone (or a group) start to pump the price up and gets the activity going. They can do this by wash trading among themselves. When the price shoots up, they sell their holdings at $2 or whatever, and pocket the difference.
By the time the price topped and headed back down, I am sure the pumpers were long out of the trade.
Posted Using LeoFinance Beta
That is all assuming that there are genuine buyers for a good volume of HDB. What if there weren't any and they got smashed by the arbitrage vs the internal market losing big times.
Do you think that's impossible?
The combination of pushing a low volume price index on CEXs to trigger AMM Pool is for sure a valid attack angle eventually.
Let's say I have 50k$/50k$ HBD/ShitcoinABC pooled and make the HBD spike 3x to increase my pool share in the ShitcoinABC 3x. I can now withdraw that Shitcoin before letting the HBD price drop dead again.
Does that make sense in a real-market scenario?