在1700年代，来自伦敦南海公司的一群内部人士开始传播有关该公司作为南美贸易巨头的成功和潜力的奢侈主张。尽管知道该公司永远不会赚钱，但他们仍然能够引导许多投资者误入歧途，并人为地将其股票价格提高到倒塌之前的高度，使英国经济震惊。
This is one of the first recorded instances of a “pump-and-dump” scheme: a type of financial fraud usually performed by insiders that artificially inflates the price of a commodity through the spreading of misinformation.
尽管这种类型的操纵绝不是新的，但它一直持续到今天。泵和垃圾经常被视为一种Microcap欺诈,包括低价“仙股”,因为y were deemed easier to manipulate. Recently, the scam has experienced its renaissance in the cryptocurrency space whose mostly unregulated nature made it an attractive target for nefarious actors who would seek to prey on the misinformed.
Pump-and-dumps often follow a predictable form (Figure 1), with three main stages. The accumulation phase occurs when a bad actor purchases a commodity at a relatively low price. This is followed by the pump phase, which artificially increases the demand (and thus the price) for the commodity. Lastly, the dump usually begins when the actors who bought during the accumulation phase begin to sell their holdings, causing the price to slip.
我们的研究指出，现代的泵送计划的时间尺度缩短了，许多泵只能持续到达到峰值前几秒钟。
Our research found that many cryptocurrency pump-and-dump groups organize themselves via online chat rooms such as Telegram and Discord. These scams are publicly accessible and anyone can participate, though the potential for profit seems to vary, since the pumps often only last a short amount of time making it difficult to predict the peak.
通常，一组会选择要抽的硬币，然后宣布在特定日期将发生泵，而无需指定硬币。当指定的时间到来时，将宣布泵的硬币，用户将争先恐后地购买（图2）。
Members of pump-and-dump groups are encouraged to spread the announced coin as the next big thing, for example on social media. This is intended to fool naive investors by exploiting their fear-of-missing-out on the next big investment. This presents a clear opportunity for insiders to use their foreknowledge of what coin is going to be pumped in order to secure profit, as they can buy it beforehand and then sell at the peak.
研究结果
我们的研究指出，由于转向泵送演员采用的更多实时策略（即聊天室与电子邮件），现代泵送计划的时间表已相应地缩短，并缩短了许多泵只能持续到达到峰前几秒钟到几分钟。
在我们的论文中研究了一种检测这些方案的计算方法。我们利用一种基本的异常检测方法来检测数据中经常看到的数据中的异常价格和数量峰值。这种方法对于未来关于加密货币泵和点泵的大规模检测工作都是必要的，因为许多交易所都有成千上万的市场：手工审查它们是不可行的。
We found that similarly to the traditional penny-stock market variant, the cryptocurrencies most vulnerable to this type of attack were the less popular ones with a low-market cap. This is due to their low liquidity making them easier to manipulate. We also found that around 30% of the cryptocurrency pairs we analyzed accounted for about 80% of the exhibited pump-and-dump activity.
关于加密货币泵和降低的学术研究最少，因此我们的研究旨在通过加密货币综合传统的经济文献，并为将来的研究构成基础。
从犯罪科学的角度来看，我们对这些方案的发生感兴趣，以便我们可以更好地了解如何实施预防措施。开发一种计算方法来检测这些方案，并从观察到的模式中学习，是朝着预防目标迈出的一步。
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