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, Oct. 22

Here are the answers for The New York Times Mini Crossword for Oct. 22.

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.

Need some help with today’s Mini Crossword? It’s one of those with absolutely no empty spaces, just a grid of letters, which means if you correctly answer all the Across answers, you’ve solved the Down answers, too. Need help? Read on. And if you could use some hints and guidance for daily solving, check out our Mini Crossword tips.

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 to those Mini Crossword clues and answers.

Mini across clues and answers

1A clue: Roomful of students
Answer: CLASS

6A clue: Something to bring in a brown paper bag
Answer: LUNCH

7A clue: __ Harbor, sightseeing area of Baltimore
Answer: INNER

8A clue: Where many Stephen King novels are set
Answer: MAINE

9A clue: Beagle or bulldog
Answer: BREED

Mini down clues and answers

1D clue: Go bouldering, e.g.
Answer: CLIMB

2D clue: ___ New Year
Answer: LUNAR

3D clue: Redhead of musical/movie fame
Answer: ANNIE

4D clue: Something an actor might steal
Answer: SCENE

5D clue: Tear to pieces
Answer: SHRED

Technologies

These Small Tweaks Can Give Your Old Android a Big Speed Boost

Instead of buying a new phone, try clearing some space, updating your software and changing a few battery settings.

If your Android is a few years old and starting to feel sluggish, it doesn’t mean you have to rush out and buy the newest flagship model. Thanks to longer software support from brands like Google and Samsung, older models can still run smoothly, as long as you give them a little attention.

Before you start shopping for a replacement, try a few simple adjustments. You might be surprised by how much faster your phone feels once you clear out unused apps, optimize battery use and turn off background drains.

Whether you use a Samsung Galaxy, Motorola or OnePlus phone, chances are you can still improve battery life and overall speed without buying something new. Just remember that Android settings vary slightly from brand to brand, so the menus may look a little different depending on your phone.

Don’t miss any of our unbiased tech content and lab-based reviews. Add CNET as a preferred Google source.

Settings to improve your battery life

Living with a phone that has poor battery life can be infuriating, but there are some steps you can take to maximize each charge right from the very beginning:

1. Turn off auto screen brightness or adaptive brightness and set the brightness level slider to under 50%

The brighter your screen, the more battery power it uses.

To get to the setting, pull down the shortcut menu from the top of the screen and adjust the slider, if it’s there. Some phones may have a toggle for auto brightness in the shortcut panel; otherwise, you need to open the settings app and search for «brightness» to find the setting and turn it off.

2. Use Adaptive Battery and Battery Optimization

These features focus on learning how you use your phone, including which apps you use and when, and then optimizing the apps and the amount of battery they use.

Some Android phones have a dedicated Battery section in the Settings app, while other phones (looking at you, Samsung) bury these settings. It’s a little different for each phone. I recommend opening your settings and searching for «battery» to find the right screen. Your phone may also have an adaptive charging setting that can monitor how quickly your phone battery charges overnight to preserve its health.

Why you should use dark mode more often

Another way to improve battery life while also helping save your eyes is to use Android’s dedicated dark mode. Any Android phone running Android 10 or newer will have a dedicated dark mode option.

According to Google, dark mode not only reduces the strain that smartphone displays cause on our eyes but also improves battery life because it takes less power to display dark backgrounds on OLED displays (used in most flagship phones) than a white background.

Depending on which version of Android your phone is running, and what company made your phone, you may have to dig around the settings app to find a dark mode. If your phone runs Android 10 or newer, you’ll be able to turn on system-wide dark mode. If it runs Android 9, don’t despair. Plenty of apps have their own dark mode option in the settings that you can use, whether or not you have Android 10.

To turn it on dark mode, open the Settings app and search for Dark Mode, Dark Theme or even Night Mode (as Samsung likes to call it). I suggest using dark mode all the time, but if you’re not sure, you can always set dark mode to automatically turn on based on a schedule, say from 7 p.m. to 7 a.m. every day, or allow it to automatically switch based on your location at sunset and sunrise.

Keep your home screen free of clutter

Planning to hit up the Google Play Store for a bunch of new Android apps? Be prepared for a lot of icon clutter on your home screen, which is where shortcuts land every time you install something.

If you don’t want that, there’s a simple way out of this: Long-press on an empty area of your home screen and tap Settings. Find the option labeled something along the lines of Add icon to Home Screen or Add new apps to Home Screen and turn it off.

Presto! No more icons on the home screen when you install new apps. You can still add shortcuts by dragging an app’s icon out of the app drawer, but they won’t appear on your home screen unless you want them to.

Read more: Best Android Phones You Can Buy in 2024

Set up Do Not Disturb so that you can better focus

If your phone routinely spends the night on your nightstand, you probably don’t want it beeping or buzzing every time there’s a call, message or Facebook alert — especially when you’re trying to sleep. Android offers a Do Not Disturb mode that will keep the phone more or less silent during designated hours. On some phones, this is referred to as the Downtime setting or even Quiet Time.

Head to Settings > Sounds (or Notifications), then look for Do Not Disturb or a similar name. If you can’t find it, search for it using the built-in search feature in your settings.

Using the feature, you can set up a range of hours when you want to turn off the digital noise. Don’t worry, any notifications you get while Do Not Disturb is turned on will still be waiting for you when you wake up. Also, you can typically make an exception that allows repeat callers and favorite contacts’ calls to go through. Turn that on. If someone is calling you in an emergency, odds are they are going to keep trying.

Always be prepared in case you lose your phone or it’s stolen

Is there anything worse than a lost or stolen phone? Only the knowledge that you could have tracked it down if you had turned on Google’s Find My Device feature.

To prepare for a successful recovery, here’s what you need to do: Open the Settings app and then search for Find My Device. It’s usually in the Security section of the Settings app.

If you have a Samsung device, you can use Samsung’s Find My Mobile service, which is found in Settings > Biometrics and security > Find My Mobile.

Once that’s enabled, you can head to android.com/find from any PC or mobile device and sign in to your account. Samsung users can visit findmymobile.samsung.com to find a lost phone.

If you have trouble setting any of this up, be sure to read our complete guide to finding a lost Android phone.

Assuming your phone is on and online, you should be able to see its location on a map. From there, you can make it ring, lock it, set a lock screen note to tell whoever has it how to get it back to you, or, worst-case scenario, remotely wipe the whole thing.

And always keep your phone up to date

As obvious as it may seem, a simple software update could fix bugs and other issues slowing down your Android device.

Before you download and install the latest software update, make sure your device is connected to Wi-Fi, or else this won’t work.

Now, open the Settings application and type in Update. You’ll then either see Software update or System update — choose either one. Then just download the software, wait for a few minutes and install it when it’s ready. Your Android device will reboot and install the latest software update available.

There’s a lot more to learn about a new phone. Here are the best ways to boost your cell signal, and here’s a flagship phone head-to-head comparison. Plus, check out CNET’s list of the best cases for your Samsung phone. More of an Apple fan? We have tips for boosting your iPhone’s performance, too.

Technologies

I’m Finally Using the iPhone 17 Pro’s Camera Control, Thanks to These iOS 26 Settings

In just a month, I’ve already used Camera Control on my iPhone 17 Pro Max more than I did in a whole year with the iPhone 16 Pro.

I was keen on using the Camera Control button when it first debuted on the iPhone 16 Pro. But in over a year of use, it caused more accidental swipes and presses than its intended use cases to take photos and adjust camera settings. I was frustrated with the experience and hoped that Apple would remove it from the iPhone 17 lineup. Instead, the Cupertino, California-based company made its touch-sensitive capacitive control surface more customizable with iOS 26. And I’m happy to report that it helped!

I’ve been using the iPhone 17 Pro since launch and spent 5 to 10 minutes customizing the Camera Control to my liking. The result? Minimized accidental swipes and more conscious usability.

I transformed my Camera Control experience by changing a few iOS 26 settings

When setting up a new iOS 26-supported iPhone, Apple includes a toggle (now turned off by default) called Light press to adjust Zoom, Exposure and more. This is what used to cause a lot of fake input earlier. I’m glad it is turned off by default.

Apple now also lets you customize the Camera Control further from the Settings menu. I tweaked settings there to personalize my shortcuts, functionalities and more.

For example, I’ve set the Camera Control to launch a Code Scanner on Double Click without requiring the screen to be on. This allows me to scan and pay at payment kiosks (my most frequently used mode of payment) without needing to open the payment app and then tap on a menu to scan a code. If I enter the Code Scanner without Face ID, it requires authentication before making the payment, so it is still as secure as ever.

Earlier, I had set an Action Button shortcut to open Google Pay, but I realized I still need a one-press solution to turn the phone to silent mode. Adding a Code Scanner shortcut to Camera Control frees the Action Button to be my Silent Switch again. Moreover, Code Scanner lets you select from multiple apps to pay a vendor, which could be useful for people who use multiple payment apps.

Secondly, I have turned off the Swipe gesture and selected only three controls that I use most often. Now, when I open the Camera app, I can lightly press on the Camera Control button and then swipe between my selected controls. It doesn’t register swipes from the get-go. This has reduced fake touches and my frustrating experience with the swipe gesture.

To further streamline my controls, I chose Exposure, Styles and Tone, and left out Depth, Zoom and Cameras. This way, I have access to hidden viewfinder settings with a single press-and-swipe gesture at my fingertips.

I also turned off the Clean Preview toggle, so I can still switch between cameras with a single tap, and switched on the Lock Focus and Exposure toggle for a light press-and-hold gesture.

Customizing these settings helped me personalize Camera Control and use it more often. Now, it appeals to me with the settings I need and the way I need them, instead of being an overcrowded mess. And you can personalize your Camera Control, too. Here’s how:

Change Camera Control launch functionality

You can use Camera Control as another Action Button to launch an app of your choice. The only requirement is that the app should have access to the camera.

Go to Settings > Camera > Camera Control.
Under Launch Camera, select the app you need.
Go back and select Single Click or Double Click to open the said app.

I rely on Double Click so I don’t accidentally trigger an app when taking out the iPhone from my pocket. In my opinion, it is the safer and more convenient choice.

Under the same Launch Camera menu, you can also choose if you want the screen to be on or off when opening the app. I have turned it off to save the extra step of scanning my face to access the said app.

Choose the Controls that you want to appear on Camera Control

Apple allows you to choose from six controls, namely, Exposure, Depth, Zoom, Cameras, Styles and Tone. I have chosen three because the other three are available as on-screen toggles in the viewfinder.

Go to Settings > Camera > Camera Control.
Under Controls, make sure Camera Adjustments is turned on.
Tap on Customize.
Under Gesture, turn on Light Press and toggle off Swipe.
Under Controls, choose the functionalities you need.
Now, turn off the Clean Preview toggle if you require the viewfinder toggles to remain accessible.

You can further adjust the Camera Control pressure by going into Settings> Camera > Camera Control > Accessibility.

Turn on Lock Exposure and Focus with Camera Control

This setting will help you lock the exposure and focus without needing to press and hold on the viewfinder. It can be beneficial when you need consistent settings, especially when moving the camera from one subject to another.

Go to Settings > Camera > Camera Control.
Swipe down to Lock Exposure and Focus.
Tap on the toggle to turn it on.

For me, Camera Control was a hot mess when it debuted last year because I was either using on-screen controls or the new button. That’s why room for more personalization and customizability has been a game-changer. I realized I could access on-screen toggles while adding hidden settings to one-tap access. On my iPhone 17 Pro, I now use the Camera Control to open my payments app, adjust Exposure and Styles as well as trigger Visual Intelligence when needed.