# Pump and Dumps in the Bitcoin Era: Real Time Detection of Cryptocurrency Market Manipulations

arXiv: https://arxiv.org/abs/2005.06610 · HTML: https://mlsanity.com/paper/2005.06610/

## Key facts

- Cited by 7 papers in the map (data through 14 Oct 2026).
- First posted on arXiv 4 May 2020.

## Built on by (most cited first, 7 of 7)

- [Uncovering the Dark Side of Telegram: Fakes, Clones, Scams, and Conspiracy Movements](https://mlsanity.com/paper/2111.13530/) (2021)
- [Sequence-Based Target Coin Prediction for Cryptocurrency Pump-and-Dump](https://mlsanity.com/paper/2204.12929/) (2022)
- [Crypto Pump and Dump Detection via Deep Learning Techniques](https://mlsanity.com/paper/2205.04646/) (2022)
- [textscPerseus: Tracing the Masterminds Behind Cryptocurrency Pump-and-Dump Schemes](https://mlsanity.com/paper/2503.01686/) (2025)
- [Finding Patterns in Visualized Data by Adding Redundant Visual Information](https://mlsanity.com/paper/2205.13856/) (2022)
- [Fraud Detection in Cryptocurrency Markets with Spatio-Temporal Graph Neural Networks](https://mlsanity.com/paper/2604.24590/) (2026)
- [PumpSense: Real-Time Detection and Target Extraction of Crypto Pump-and-Dumps on Telegram](https://mlsanity.com/paper/2605.09431/) (2026)

## Abstract (arXiv)

In the last years, cryptocurrencies are increasingly popular. Even people who are not experts have started to invest in these securities and nowadays cryptocurrency exchanges process transactions for over 100 billion US dollars per month. However, many cryptocurrencies have low liquidity and therefore they are highly prone to market manipulation schemes. In this paper, we perform an in-depth analysis of pump and dump schemes organized by communities over the Internet. We observe how these communities are organized and how they carry out the fraud. Then, we report on two case studies related to pump and dump groups. Lastly, we introduce an approach to detect the fraud in real time that outperforms the current state of the art, so to help investors stay out of the market when a pump and dump scheme is in action.