Technologies

Cryptocurrency pump-and-dump schemes: Everything you should know about these scams

Don’t be the victim of a rug pull.

Cryptocurrency fans view Bitcoin, Ethereum and Dogecoin as the future of money for the globe. The underlying blockchain technology allows crypto to work by creating a digital ledger that records transactions, which would seemingly create a safer form of currency. But where there’s money to be made, scammers aren’t far behind.

Crypto pump-and-dump schemes are designed to take advantage of people while making some big money for scammers. They generally involve influencers who receive financial incentives for telling people to buy a certain digital coin in order to raise its value. Once the value goes up, the scammers and influencers sell their coins and pocket the profits, while everyone else sees their investments lose value.

These schemes mark the latest twist in the ever-changing story of cryptocurrencies, which have created some millionaires while bankrupting others through their persistent volatility. Even Dogecoin, a cryptocurrency created as a joke, garnered mainstream attention thanks to high-profile figures such as Tesla CEO Elon Musk, who said at last week’s B conference that he «pumps, but doesn’t dump.»

He’s not the only one.

Earlier this month, popular esports organization FaZe Clan suspended multiple members who participated in a crypto pump-and-dump disguised as a charity drive while taking home tens of thousands of dollars.

With cryptocurrencies becoming easier to develop, scammers are taking advantage of people who have developed FOMO, or «fear of missing out,» and are looking to jump on new crypto coins in hopes of getting rich.

Here’s what you need to know about crypto pump-and-dumps.

What is a pump-and-dump scam?

A pump and dump is a securities scam usually involving stocks. Scammers create false hype about a stock in order to generate interest. Once investors start buying shares, the price of the stock goes up. When the price reaches a certain point, the scammers behind the fake hype sell all of their shares. This causes the stock price to plummet, which leaves new investors holding the bag.

The movie The Wolf of Wall Street portrayed the infamous pump-and-dump scam conducted by Stratton Oakmont investment firm in the ’90s.

How does this scam work with cryptocurrency?

It doesn’t work much differently than with stocks. A certain crypto asset is pumped up by people in order to make the value increase.

«As the prices rise, the pump creators dump their assets into the FOMO they’ve generated, resulting in a price crash that leaves the new buyers holding a bag of the assets that now have a lower value than they were purchased at, creating significant and often unrecoverable losses,» said Douglas Horn, chief architect of Telos Core Developers.

What’s different is what’s used for the pump-and-dump. Bitcoin, Etherereum and Dogecoin are well-established cryptocurrencies, and it takes someone with the following of Musk to increase or decrease their value. However, since creating a whole blockchain system for a currency takes a lot of time and effort, those knowledgeable about coding can create their own crypto tokens, which are digital assets using an already existing blockchain like Bitcoin or Ethereum.

These tokens, also referred to as coins, can be created easily like Shiba Inu, which the developers have referred to as a «Dogecoin killer» in a tongue-in-cheek manner. Developers can also create billions of these coins, which in turn means they go for fractions of a penny. One Shiba Inu token, for example, costs $0.0000065, so you can buy 100,000 tokens for less than $1.

Since someone can create billions of tokens easily that cost hardly anything, all that’s needed is to convince enough people to buy these super cheap coins. This can be done through Discord channels, forums or social media, or by getting an influencer to promote the coin in exchange for their own trove of coins.

If the scammers have 1 billion tokens worth $0.000001 then that’s only worth $1,000. But if they can increase the value of a token by just one decimal point, their stash of coins is now worth $10,000. If they dump it quickly, that’ll cause its value to crash.

Another small difference with the crypto pump-and-dump is the term. While it’s known as a pump-and-dump, in crypto circles the scam is referred to as a «rug pull,» as in the rug was pulled right out from under the investors. Part of enticing people to buy these super cheap tokens is to say they’re «rug-proof,» which means there are measures in place to prevent people who have a large number of coins from selling them within a certain time period.

What are some examples of cryptocurrency pump-and-dumps?

In July, four members of the FaZe Clan participated in a pump-and-dump for a token called SaveTheChildren. The pro gamers, along with other influencers, pushed the coin to their followers. Once the price increased, they began selling off the tokens they were given to be part of the scam, with some making an estimated $30,000.

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Another coin called SafeTrade was sold as «rug-proof» earlier this year. Once people started buying, the organizers sold their coins and left everyone else in the dust.

A 2020 study from the University of Technology Sydney and the Stockholm School of Economics in Riga found 355 instances of crypto pump-and-dump scams over the course of seven months. The organizers of these scams made millions.

Are pump-and-dump scams illegal?

For stocks, yes. For cryptocurrency, no.

The Securities and Exchange Commission is the government regulatory agency that investigates securities scams such as insider trading and pump and dumps. It doesn’t yet have similar rules for cryptocurrency, and doesn’t plan on implementing crypto regulations, at least for 2021.

How do you avoid crypto pump-and-dumps?

It’s important to understand if FOMO is contributing to your decision on whether to invest in a cryptocurrency. It may seem like everyone is getting rich off of Bitcoin or Dogecoin, but that’s not the case.

The next is to do your homework. Crypto coins or tokens can be created fairly easily by people who understand coding. If there’s a new coin that’s supposedly going to make you rich, do some web searches to learn more. The initial coin offering, or ICO, will have a «white paper» that offers details about the coin, who’s behind it, what their objective is and so on.

Then there’s a matter of the buzz that’s being generated. A way scammers get the word out about their coin is going into spaces where people are interested in cryptocurrency, such as Discord channels, social media and forums. If all of a sudden some person starts hyping up a brand new token, there’s a good chance they’re pushing a scam.

Be wary of any influencer who you may follow who hardly mentions cryptocurrency and randomly begins promoting a token. In the case of the FaZe Clan members, they promoted coins with a social media campaign and gave out thousands of free coins to their followers, which in turn entices other followers to buy coins — FOMO strikes again. If you’re going to take financial advice, get it from a professional and not someone whose claim to fame is being good at a video game.

Last, if you’re still interested in investing, then don’t invest more than you’re willing to lose. It’s possible that with the right timing, an investor could make money off a pump-and-dump, but it’s better to assume that the money you’re using to buy tokens will be gone forever.

Technologies

Today’s NYT Mini Crossword Answers for Wednesday, May 21

Here are the answers for The New York Times Mini Crossword for May 21.

Looking for the most recent Mini Crossword answer? Click here for today’s Mini Crossword hints, as well as our daily answers and hints for The New York Times Wordle, Strands, Connections and Connections: Sports Edition puzzles.

Today’s NYT Mini Crossword is a bit of a tough one. 6-Across and 2-Down want you to come up with words that match up with another word that starts with the same two letters. 2-Down was easy, but 6-Across stumped me until my other answers filled it in. (Hint: It’s not green grass…) Need some help with today’s Mini Crossword? Read on. And if you could use some hints and guidance for daily solving, check out our Mini Crossword tips.

The Mini Crossword is just one of many games in the Times’ games collection. If you’re looking for today’s Wordle, Connections, Connections: Sports Edition and Strands answers, you can visit CNET’s NYT puzzle hints page.

Read more: Tips and Tricks for Solving The New York Times Mini Crossword

Let’s get at those Mini Crossword clues and answers.

Mini across clues and answers

1A clue: Either role played by Michael B. Jordan in 2025’s «Sinners»
Answer: TWIN

5A clue: «Wow, wow, wow!»
Answer: OHMY

6A clue: Gr-» word that follows «green»
Answer: GRAPE

7A clue: Bit of land in the ocean
Answer: ISLE

8A clue: Père ___, name for Santa Claus in France
Answer: NOEL

Mini down clues and answers

1D clue: Trunk of the body
Answer: TORSO

2D clue: «Wh-» word that follows «white»
Answer: WHALE

3D clue: Urge forward
Answer: IMPEL

4D clue: Bill ___ the Science Guy
Answer: NYE

6D clue: Alcohol paired with tonic
Answer: GIN

How to play more Mini Crosswords

The New York Times Games section offers a large number of online games, but only some of them are free for all to play. You can play the current day’s Mini Crossword for free, but you’ll need a subscription to the Times Games section to play older puzzles from the archives.

Technologies

I Took Google’s New Try On Feature for a Spin — It Was Fascinating (and Hilarious)

Commentary: I used AI to see how different outfits would look on me, and the results were revealing.

Online shopping often feels like a shot in the dark. It’s hard to predict how an outfit a model is wearing will fit me. But at Google I/O on Tuesday, I demoed a new feature called Try On that uses AI to show you how a dress, shirt, skirt or pants will actually look on you. I was surprised, and also incredibly amused.

After posing for a quick photo, a Google employee showed me different clothing options in the Shopping tab. I settled on a cute long-sleeved denim jumpsuit, tapped it and uploaded my photo. After about 30 seconds, my real-life floral jumpsuit was replaced by the denim one. The generated image looked impressively real: the sleeves were perfectly tailored, the collar was popped and my pink headscarf (which I was wearing in real life and Gemini thankfully kept on) was neatly tucked in.

«It actually looks like I’m wearing it,» I said in amazement. «I’m quite impressed.» It even added a purse in my right hand, which was a funny touch.

Try On is powered by Google’s custom image generation model, which can demonstrate how materials drape, fold and stretch on different body types. It’s available now in Search Labs, which lets people try out Google Search features before they roll out to the masses.

After opting into the feature, you’ll see an icon that says «try it on» when browsing for clothes in Google. Upload a full-length photo of yourself (ideally with good lighting and fitted clothing), and watch in wonder as that dress or shirt miraculously appears on you. You can also save the generated image and share it with friends.

Of course, I had to have some fun with Try On. As someone who wears hijab, I only wear long sleeves and long pants when I’m out and about. So I decided to test the feature and see what it would do if I picked a pink sleeveless dress. The result was hilarious.

It did in fact expose my arms (or what it thinks they look like), and also added some random bracelets and a watch that I was definitely not wearing in real life. Thankfully, it kept my headscarf on (which perfectly matched the pink dress), but that only made for a more hilarious juxtaposition with my exposed AI skin. Well, at least it maintained the dress’s accuracy.

If you’re worried about privacy concerns, my colleague Katelyn Chedraoui reached out to Google to ask about Try On’s privacy policies. In response, a Google spokesperson said: «Your uploaded photo is never used beyond trying things on virtually, nor is your photo used for training purposes. It is not shared with other Google products, services or third parties, and you can delete or replace it at any time.»

So, if you’re keen to see how that outfit you would totally wear — or totally wouldn’t — looks on you, look no further than your phone; no fitting room required. Personally, I look forward to trying on more outfits, both appealing and ridiculous, just for the heck of it.

Technologies

McDonald’s Snack Wrap: Is the Viral Food Favorite Returning on July 14?

July 14 could be the release date for the much-longed-for chicken Snack Wraps, but Ronald and crew aren’t talking.

McDonald’s is riding a viral wave. The fast-food chain’s Minecraft Happy Meals and adult Minecraft Meals hit restaurants on April 1 and sold out quickly. Diners ordering a Happy Meal these days will find a Squishmallow theme meal instead. But there’s more viral buzz about another McDonald’s product online. People are eagerly awaiting the return of Snack Wraps, a chicken-tortilla entree that’s been missing from US locations of the Golden Arches since 2020.

Read more: Review: McDonald’s Minecraft Meals Feature The Hottest Nugget Sauce Ever

On April 15, McDonald’s tweeted «snack wraps 0x.14.2025,» hinting the wraps would return on the 14th of an upcoming month. This leaves fans having to check their McDonald’s mobile app or local restaurant menus on the 14th of every month, hoping the wraps will make an appearance. The wraps didn’t appear in restaurants on May 14, so now fans must check again in June, and again in July if the June date does not pan out.

At least one Reddit users seems to think the McDonald’s Snack Wraps could return on July 14. One user wrote, «It’s July, I work for McDonald’s,they revealed the date on the employee app.»

But another person posted, «It’s not July. I work at McDonald’s corporate and can confirm.»

Neither of those posts can be confirmed.

June 14 is a Saturday, while July 14 is a Monday. Some suggest that McDonald’s would be more likely to launch a new product on a Monday than on a weekend, so if that’s true, July 14 could be the day.

A representative for McDonald’s did not immediately respond to a request for comment.

snack wraps 0x.14.2025

— McDonald’s (@McDonalds) April 15, 2025

Snack Wrap fever

Snack Wraps first came out in 2006, and were meant to be a chicken item that would appeal to drive-thru customers. There are different versions, but the basic one includes white-meat chicken strips known as McCrispy Strips wrapped in a flour tortilla with cheese and lettuce with either ranch, honey mustard or salsa. McCrispy Strips are a reworked version of a chicken item formerly known as Chicken Selects.

Zach Ciampa, who regularly covers new food releases under the social-media handle Snach With Zach, said there’s been an intense fanbase out there for the wraps. «Regarding McDonald’s Snack Wrap, it’s by far the most requested item I’ve ever seen my audience ask or demand to come back,» he told CNET. «Not just the most requested in recent memory, but the most requested of all time. And that’s not limited to McDonald’s.» Ciampa said the only similar fast-food items that come close to the same level of interest are Dairy Queen’s S’mores Blizzard and Taco Bell’s Caramel Apple Empanada, both of which also made recent returns.

«I’ve been covering food releases for years, and in that time, I’ve seen countless comments to the tune of ‘We don’t want this. We want the Snack Wrap,’ and, ‘Can you tell us when the Snack Wrap is coming back?'» he said. «A couple years ago, the chances of its return were pretty bleak. However, things escalated pretty quickly in late 2023 when McDonald’s did indeed announce that the Snack Wrap would return in a new form. Since then, details have slowly but surely trickled out, and the hype has steadily grown.»

While Snack Wraps left McDonald’s locations in the US back in 2020, they remained available at Canadian and UK restaurants. The current online McDonald’s Canada menu includes several tortilla-wrapped items, including ones with crispy chicken, grilled chicken, buffalo chicken and chicken with a sweet chili sauce.