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The pump and dump scheme is a form of market manipulation attack in whichcoordinated actors drive up the price of an asset in order to sell at a higherprice. Due in part to a lack of enforcement, these schemes are widespreadwithin the cryptocurrency marketplace, but the negative impact of these eventson the coins they target is not yet fully understood. Drawing upon a noveldataset of pump events extracted from Telegram channels, an order of magnitudelarger than the nearest comparable dataset in the literature, we explore thediffering tactics of pumping channels and the long-term impact of pump and dumpschemes across 765 coins. We find that, despite a short-term positive impact insome cases, the long-term impact of pump and dump schemes on the targetedassets is negative, amounting to an average 30% relative drop in price a yearafter the pump event.

Pump, Dump, and then What? The Long-Term Impact of Cryptocurrency Pump-and-Dump Schemes