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

Researchers Discover 18 Popular VPNs Are Connected: Why This Matters

All are owned by 3 separate groups but CNET’s recommended VPNs are not on the list

Virtual private networks are popular ways to keep your online activity private and hide your physical location from your internet service provider and apps. But it’s obviously important to choose a safe and secure VPN.

Three university researchers have discovered that 18 of the most widely used VPNs have shared infrastructures with serious security flaws that could expose customers’ browsing activity and leave their systems vulnerable to corrupted data. These VPNs are among the top 100 most popular on the Google Play Store, comprising more than 700 million downloads.

Read more: Best VPN Service for 2025: Our Top Picks in a Tight Race

The peer-reviewed study by the Privacy Enhancing Technologies Symposium found that these VPNs, despite calling themselves independent businesses, are actually grouped into three separate families of companies.

None of CNET’s recommended VPNs — ExpressVPN, NordVPN, Surfshark, Proton VPN and Mullvad — are on the list. (If you currently don’t have a VPN, here’s why you might want to start using one.)

According to the findings, these are the three groups that contain the 18 VPNs:

Family A: Turbo VPN, Turbo VPN Lite, VPN Monster, VPN Proxy Master, VPN Proxy Master Lite, Robot VPN, Snap VPN and SuperNet VPN
Family B: Global VPN, Inf VPN, Melon VPN, Super Z VPN, Touch VPN, VPN ProMaster, XY VPN and 3X VPN
Family C: X-VPN and Fast Potato VPN

Researchers determined that the VPNs in Family A are shared between three providers linked to Qihoo 360, a firm identified by the US Department of Defense as a Chinese military company. The VPNs in Family B use the same IP addresses from the same hosting company.

Know your VPN’s parent company

It’s a cautionary tale about why it’s important to know who’s behind the VPN you’re using, says CNET senior writer Attila Tomaschek.

«It’s also crucial to know what kinds of data the VPN provider is sharing with its parent company and affiliated entities,» Tomaschek said. «Some of these companies may even be compelled to log customer activity and share it with authorities, depending on the jurisdiction in which they operate.»

Despite the warnings, Tomaschek says it’s not so easy to figure out who controls your VPN. But he says there are measures that customers can take.

«Users can do a few things to help ensure the VPN they’re using is reputable,» Tomaschek says. «Check the privacy policy — specifically for terms like ‘logging,’ ‘data sharing’ or ‘data collection.’ A Google search of the provider can help determine whether the VPN has been involved in questionable activity. Read detailed, unbiased reviews from reputable sources. Be especially wary of signing on with a free VPN, even if it’s listed as a top choice in your app store.»

The PETS researchers examined the most downloaded VPNs on Android, looking for overlaps among business paperwork, web presence and codebase. After identifying code similarities, they were able to group the 18 VPNs into three groups. The study was initially spurred by VPN Pro’s own findings, «Who owns your VPN? 105 VPNs run by just 24 companies.»

CNET’s Tomaschek has advice for anyone who has been using one of these 18 VPNs.

«I’d recommend deleting it from your device immediately,» he said. «If you suspect that any sensitive personal data may have been compromised, it’s a good idea to keep an eye on your credit report and look into services like dark web monitoring or identity theft protection.»

Technologies

Today’s NYT Connections: Sports Edition Hints and Answers for Sept. 6, #348

Here are hints and the answers for the NYT Connections: Sports Edition puzzle for Sept. 6, No. 348.

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.

Today’s Connections: Sports Edition was a stumper. But if you play cards, the green group is a fun one for sure. If you’re struggling but still want to solve it, read on for hints and the answers.

Connections: Sports Edition is published by The Athletic, the subscription-based sports journalism site owned by the Times. It doesn’t show up in the NYT Games app but appears in The Athletic’s own app. Or you can play it for 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: Racket time.

Green group hint: Ante up!

Blue group hint: NY signal-callers.

Purple group hint: Coach’s CV.

Answers for today’s Connections: Sports Edition groups

Yellow group: Tennis statistics.

Green group: Poker variants, familiarly.

Blue group: Giants QBs, past and present.

Purple group: Teams coached by Lane Kiffin.

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 tennis statistics. The four answers are aces, double faults, unforced errors and winners.

The green words in today’s Connections

The theme is poker variants, familiarly. The four answers are hold ’em, horse, Omaha and stud.

The blue words in today’s Connections

The theme is Giants QBs, past and present. The four answers are Manning, Simms, Tittle and Wilson.

The purple words in today’s Connections

The theme is teams coached by Lane Kiffin. The four answers are Mississippi, Raiders, Tennessee and USC.

Technologies

Hollow Knight Silksong Guide: Read These 11 Tips Before Starting

Need help finding rosaries and maps? Here are 11 tips to help you begin your journey.

The indie gaming classic Hollow Knight’s long-awaited sequel, Silksong, is here. Just like the 2019 original, the new game is mysterious and labyrinthine. I’m having an absolute blast playing it, but there are a lot of quirks and challenges you’re going to have to face.

Here are 11 tips to help you navigate the first couple hours of the exciting — and difficult — Silksong.

Read more: I Played Silksong on the ROG Xbox Ally X and I’m Ready for More

11 Hollow Knight: Silksong tips for beginners

Early rosary cache

Rosaries are this game’s version of currency, which you can use to buy amulets and maps from early game merchants. If you die, you’ll have to recover them from your corpse in order to collect what was lost. In the opening area of the game, you can find a rosary cache to give your wallet a boost early on. Right before entering Bone Bottom, there’s a hole to drop down. Hold left as you fall and you’ll find a bone wall you can break. Here you’ll find your reward.

Learn the pogo

Bouncing off enemies is an early way to double jump. To do it, hold down while attacking in the air. It’s much harder to pull off than it was in Hollow Knight due to Hornet’s attacks, which are angled diagonally rather than straight down. However, if Silksong is anything like the first, you’ll be expected to master this technique in order to find and unlock everything in the game — there could be secret areas that can only be reached or bosses that can only be defeated with this technique. Make sure to master this skill early on.

First spool fragment and shortcut

After meeting Shakra, the map merchant, head left into the next screen. There is a flying enemy near the far left wall. Use the pogo jump technique off of them to reach and exit the room in the top left corner. If you kill the enemy, simply leave the area and rest at the nearby bench to respawn them (benches also save your game). After reaching the next room, drop down the first hole. There’s also a rosary cache to your right as you descend. Continue down until you reach a lever, which activates the elevator, giving you a shortcut back to Bone Bottom.

From the top of the elevator shaft, head right. You’ll also see an enemy glowing green below you as you progress. It holds a Moss Berry, and in order to get it, you’ll either have to keep pogo attacking them or fall and slash repeatedly. You can use your new elevator to keep ascending back up if you fall down.

Eventually, you’ll find another cache of rosaries hanging in a small room, but be careful, as they’re boobytrapped with spikes right underneath. However, these spikes only activate once, so you can just wait for them to disappear. Attack the wall in the bottom left of this room to open a secret door that leads to the Spool Fragment — you’ll want to prioritize collecting these, as they increase your max silk capacity.

Buy the first four items from Shakra

Maps are extremely useful in Silksong, so buy them whenever you have the chance. When you first meet Shakra, they’ll have two for you. In addition, you can also buy the Quill and Compass. These will help fill in the map and, if equipped, show your location. Try and grind out enough cash to buy all four of these items. If you’re low on funds, the enemies in the area to your left will drop around five rosaries each, and there’s a nearby bench you can sit on to keep respawning them.

If you followed my advice and collected the Spool Fragment above, you should have more than enough currency to buy all four.

View the entire map

Holding down LB (on Xbox) will bring up the map of your current area. In order to see the entire area, and how each section connects to one another, double tap LB instead.

Choral Commandment

You can find a Choral Commandment, which can be given to a certain collector later on, shortly after encountering Shakra. Climb upwards from their position and to the left. Up again past the lever and there is a breakable wall immediately left of you.

Moss Druid

Right after obtaining the Silk Spear technique, head to the bottom right corner of the room and destroy the webs with your new skill. Inside and past the right exit is Moss Druid (and a save bench) who will give you your first side quest of finding three moss berries. If you found one early on, and a second one that I mentioned while going for the Spool Fragment, you can collect a third just below them by dropping down the hole left of the bench and past a hidden wall in the bottom right corner of the room. Finishing this side quest will earn you an achievement.

Easier healing

Unlike in Hollow Knight, you don’t need to hold down the bind button (B on an Xbox controller) to heal. In Silksong, you simply need to tap it once you have enough silk. This will grant you three pips of life back. You can also heal while in the air, so take advantage of it when landing could mean your death.

Different types of equipment

Hollow Knight only had one type of equipment, but Silksong has four. They’re distinguished by colors: white, red, blue and yellow. White is for your spells, such as the Silk Spear, red is for tools, blue holds amulets, and yellow is for additional items, such as the compass. You can only equip one of each at a time (at least for now).

How to defeat the Bell Beast

The first real boss fight of the game is the Bell Beast and it’s located shortly after collecting the Silk Spear skill.

The Beast has three main attacks. The first will see either side of the ground rumble followed by the Beast surfacing and charging toward you. Simply jump over it and do a pogo attack as it passes. The second attack begins like the first, with the ground on the side of the arena rumbling, but this time the Beast will launch into the air and arc over you. It’s very easy to just walk the opposite direction to avoid getting crushed. You can also quickly counter and get in two attacks while it tries to get unstuck from the wall. The last attack will start a little differently — this time the center ground will rumble. The Beast will pop up and launch two bell projectiles horizontally. To dodge, just hop over the bell.

When you’ve whittled the boss’s health down halfway, the Beast will surface and scream, shaking the whole area. This will cause bells to start dropping down from the ceiling while you continue the fight. They’re pretty easy to avoid since they only bounce once before disappearing. Simply hop over them as you continue the pattern of attacking and dodging the Beast’s three attacks.

Unlocks after the Bell Beast

After defeating the Bell Beast you get an achievement and a silk heart. This will regenerate a little bit of silk automatically after every use. After falling in combat, the Bell Beast will also have a change of heart and become your mode of fast travel.

Make sure to revisit Bone Bottom once you’re victorious as you’ll now be able to take on additional side quests from a sign in town.

Hopefully these tips give you a better grasp of the dangerous and complex world as you begin your adventure in Silksong.