In the 1700s a group of insiders from the London-based South Sea Company began spreading extravagant claims about the success and potential of the company as a trading giant in South America. Despite knowing that the company would never turn a profit, they were still able to lead many investors astray and artificially raise the price of their stock to record heights before its collapse shook the British economy.
这是“泵送”计划的第一个记录实例之一：内部人员通常执行的一种财务欺诈，该欺诈行为通过传播错误信息来人为地膨胀商品的价格。
Though this type of manipulation is by no means new, it has persisted to the present day. Pump-and-dumps have often been realized as a type ofMicrocap fraud，涉及价格低廉的“一分钱储备”，因为它们被认为更容易操纵。最近，该骗局在加密货币领域经历了复兴，其大多不受管制的本质使其成为邪恶演员的吸引力，他们会试图捕食错误的信息。
泵和降点通常遵循可预测的形式（图1），分为三个主要阶段。当不良演员以相对较低的价格购买商品时，累积阶段就会发生。其次是泵阶段，该泵阶段人为地增加了商品的需求（以及价格）。最后，垃圾场通常会开始，当时在累积阶段购买的演员开始出售其股份，从而导致价格下跌。
Our research noted that the timescale of modern pump-and-dump schemes has shortened, with many pumps lasting only seconds to minutes before the peak is reached.
我们的研究发现，许多加密货币泵送组通过在线聊天室（例如电报和不和谐）组织自己。这些骗局是可以公开访问的，任何人都可以参与，尽管利润的潜力似乎有所不同，因为这些泵通常只持续很短的时间，因此很难预测高峰。
Typically, a group will choose a coin to be pumped and then announce that a pump will take place on a particular date, without specifying the coin. When the designated time comes, the coin to pump will be announced and users will scramble to purchase as quickly as possible (Figure 2).
鼓励泵送团体的成员将宣布的硬币传播为下一件大事，例如在社交媒体上。这旨在通过利用他们对下一项大投资的恐惧而欺骗幼稚的投资者。这为内部人员提供了一个明显的机会，可以利用他们对要泵的硬币的预见，以获取利润，因为他们可以事先购买，然后在峰值上出售。
Findings of the study
Our research noted that as a result of the shift towards more real-time tactics employed by pump-and-dump actors (i.e. chat rooms vs. e-mail), the timescale of modern pump-and-dump schemes has correspondingly shortened, with many pumps lasting only seconds to minutes before the peak is reached.
Acomputational approach to detecting these schemes was investigated in our paper. We utilized a basic anomaly detection approach to detect unusual price and volume spikes in the data that are often seen during pump-and-dump schemes. This approach is necessary for any future large-scale detection work on cryptocurrency pump-and-dumps, as there are thousands of markets across many exchanges: reviewing them all by hand is not feasible.
我们发现，与传统的一分钱储备市场变种类似，最容易受到这种攻击的加密货币是低市场上限的较不受欢迎的攻击。这是由于它们的流动性低使他们更容易操纵。我们还发现，大约30％的加密货币对分析了大约80％的泵送活动。
There is minimal academic research regarding cryptocurrency pump-and-dumps, thus our research aimed to synthesize traditional economic literature with cryptocurrencies, and form a basis for future research.
From a crime science perspective we are interested in how these schemes take place, so that we can better understand how to implement preventative measures. Developing a computational approach to detecting these schemes, and learning from the observed patterns, is one step towards the goal of prevention.
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