Disrupting pump and dump activity on social media
Increasingly, ASIC has noted a concerning trend of social media posts being used to coordinate pump and dump activity in listed stocks, which may amount to market manipulation.
We have observed blatant attempts to pump share prices, using posts on social media to announce a target stock, a designated time to buy and a target price or percentage gain to be reached before dumping the shares. In some cases, posts on social media forums may mislead subscribers by suggesting the activity is legal.
We are using social media platforms to directly engage with people who are involved in blatant pump and dump activity.
We have started using ASIC accounts on Telegram to post targeted messages in response to specific pump and dump commentary.
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