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GameStop FOMO inspires a new wave of Crypto Pump-and-Dumps
Discord is the perfect vehicle for these pumps, as a semi-public forum that allows users to advertise servers extensively as they ping users around coordinated purchases and discuss strategy. I’ve been a Discord user for a long time, and anecdotally I’ve seen a tremendous increase in activity. Between early April and May, I received 47 invitations to join Discord’s crypto pump groups. Eight of the groups have more than 20,000 members; the largest has more than 80,000. Some moderators on these servers say they pay people who call people “advertisers” to send invitations to Discord users, sometimes including crypto gifts.