A study shows that 440 individuals manipulate the cryptocurrency market, causing over 8.07 trillion USD in trading through pump-and-dump schemes. Researchers developed PERSEUS to identify those masterminding these activities.

Notably, Bitcoin (BTC) saw the highest manipulation, with five identified masterminds among the 438 discovered over the analysis’s period. This indicates a significant risk to investors.

The report emphasizes the need for regulatory measures, particularly on platforms like Telegram, which facilitate these schemes, posing threats to market integrity.