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

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.

Technologies

Today’s NYT Connections: Sports Edition Hints and Answers for May 21, #240

Here are some hints and the answers for the NYT Connections: Sports Edition puzzle, No. 240, for May 21.

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

Connections: Sports Edition tried to fool players today by tossing in four coin words: quarter, dime, nickel and penny. Yet as longtime players know, that’s way too simple for a Connections puzzle — and this was indeed a trick. The four coin words all ended up in different groups. Read on for hints and the answers.

Connections: Sports Edition is out of beta now, making its debut on Super Bowl Sunday, Feb. 9. That’s a sign that the game has earned enough loyal players that The Athletic, the subscription-based sports journalism site owned by the Times, will continue to publish it. It doesn’t show up in the NYT Games app but now appears in The Athletic’s own app. Or you can continue to play it free online.

Read more: NYT Connections: Sports Edition Puzzle Comes Out of Beta

Hints for today’s Connections: Sports Edition groups

Here are four hints for the groupings in today’s Connections: Sports Edition puzzle, ranked from the easiest yellow group to the tough (and sometimes bizarre) purple group.

Yellow group hint: Watch the clock.

Green group hint: Not offense.

Blue group hint: Nice throw!

Purple group hint: Fancy footwear.

Answers for today’s Connections: Sports Edition groups

Yellow group: Sections of a game.

Green group: Football defensive terms.

Blue group: Words used to describe a good pass.

Purple group: Eponymous basketball shoes, minus the S

Read more: Wordle Cheat Sheet: Here Are the Most Popular Letters Used in English Words

What are today’s Connections: Sports Edition answers?

The yellow words in today’s Connections

The theme is sections of a game. The four answers are half, inning, period and quarter.

The green words in today’s Connections

The theme is football defensive terms. The four answers are 4-3, 46, nickel and prevent.

The blue words in today’s Connections

The theme is words used to describe a good pass. The four answers are apple, assist, dime and dish.

The purple words in today’s Connections

The theme is eponymous basketball shoes, minus the S. The four answers are Chuck, Jordan, LeBron and Penny.

Technologies

You Can Now Play Fortnite Again on iPhone and iPad

The long wait is over: Fortnite returns to Apple’s App Store in the US.

Fortnite is back on iPhone and iPad, as announced in its post today on X.

The game had been in and out of the Apple App Store multiple times over the years as its parent company, Epic Games, and Apple clashed over developer fees. But now, following a court ruling against Apple, the massively popular game can finally be downloaded again on iOS devices.

The US District Court for the Northern District of California ruled on April 30 that Apple’s behavior toward web transactions was in bad faith and anticompetitive. Epic Games CEO Tim Sweeney posted about the ruling on X on the same day.

«For the reasons set forth herein, the Court finds Apple in willful violation of this Court’s 2021 Injunction which issued to restrain and prohibit Apple’s anticompetitive conduct and anticompetitive pricing,» court documents read. «Apple’s continued attempts to interfere with competition will not be tolerated.»

Sweeney made the announcement of Fortnite’s return to iPhone and iPad shortly after the April 30 court ruling.

«We will return Fortnite to the US iOS App Store next week,» Sweeney wrote on X. «Epic puts forth a peace proposal: If Apple extends the court’s friction-free, Apple-tax-free framework worldwide, we’ll return Fortnite to the App Store worldwide and drop current and future litigation on the topic.»

Read more: The 15 Best PC Games Right Now

What will be new on Fortnite for iPhones?

In celebration of its iOS relaunch, Fortnite is rumored to be bringing back the Tart Tycoon skin. The monochrome cosmetic outfit was first released in 2020 and is meant to be a parody of Apple. Alongside the rare item, the Tart Tycoon Cup event is said to be returning.

Fortnite had been banned from iOS devices since 2020, when the flagship iOS device was the iPhone 11.

Why was Fortnite off the iPhone and why is it back now?

In 2021, Epic Games and Apple went to court. Apple largely won that court battle, but didn’t walk away unscathed. A federal judge also ordered Apple to remove its anti-steering barriers, meaning the company must allow apps downloaded from the App Store to steer customers to third-party means.

From the archives: Apple Scores Legal Win Over Epic in Fortnite Lawsuit

Apple appealed the decision later in 2021, with proceedings continuing through 2022 and into 2023. Apple eventually won the appeal. However, the court upheld its anti-steering ruling from 2021 in the process.

When Epic took Apple back to court in 2025, the company pointed out that Apple hadn’t complied with the original ruling in 2021. The judge agreed and is now forcing Apple to follow the rules to the letter. This includes not charging developers for non-App Store payment methods and allowing developers to tell people that such third-party options and platforms exist. The time frame is simple enough. Apple is to comply with these new rules immediately.

Epic Games also has lawsuits against Google and Samsung, seeking to achieve the same result for users of Google Play.