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A crypto pump and dump scam is a form of market manipulation.
Typically, a group of scammers will work together to buy up large amounts of a cryptocurrency and artificially inflate its price (the “pump”). Then, once victims have also invested and the cryptocurrency’s value is at its peak, the fraudsters will swiftly sell off their holdings and cause the price to collapse dramatically (the “dump”).
These types of cryptocurrency scams often target low-cap or obscure cryptocurrencies that are easy to manipulate. Whilst the scammers make a quick profit, unsuspecting victims who bought at the peak are left holding worthless coins and can face significant losses.
Social media is a key tool for fraudsters running crypto pump and dump scams. They spread false or exaggerated claims about a cryptocurrency’s potential by often paying influencers or using bots to artificially boost engagement. Influencers with a large following may promote assets for payment without disclosing their vested interest and misleading followers.
Some crypto pump and dump scams exploit memes, viral challenges, or trending hashtags in order to attract young or inexperienced investors and even deepfake technology to create fake celebrity endorsements. Scammers use the viral spread of misinformation to generate urgency to invest and a “Fear of Missing Out” (FOMO) among victims.
Fake success stories further amplify the illusion of widespread enthusiasm, and the psychological effect of seeing others profit entices more victims to invest.
Typical signs of a crypto pump and dump scam include:
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Fraudsters pay influencers to promote a coin without disclosing their financial interest.
Private groups coordinate buying and selling to manipulate prices.
Scammers use real or deepfake celebrity endorsements to mislead investors.
Fraudulent projects hype up new coins, take investor money, and disappear.
Developers promote a project, inflate prices, then abandon it, leaving investors with worthless assets.
Unethical exchanges use insider trading, wash trading, or fake volume to boost prices.
Fraudulent platforms artificially inflate coin prices before dumping their holdings.
With over 17 years in fraud and financial recovery law, our team has the knowledge and expertise to take on complex crypto scam cases—ensuring you’re supported at every step.
We’ve already secured over £150 million in compensation for victims of fraud and investment scams, proving our ability to deliver results in even the most challenging cases.
For the cases we take on, we achieve success around 90% of the time, giving you confidence that your claim is in safe hands.
You’ll never pay a penny upfront. Our fees are a simple, fixed percentage of what we recover for you—meaning our success is directly tied to yours.
We’re authorised by the Solicitors Regulation Authority (SRA No. 468940), providing you with assurance that your claim is handled professionally and securely.
Every claim is handled personally by an experienced solicitor, who will guide you from start to finish, ensuring clarity, consistency, and confidentiality throughout.
“You usually only get one chance to make a Crypto Pump and Dump Scam claim, and if it's not done right, it could be rejected. That’s why it’s crucial to gather the right evidence, present it properly, and highlight the key details that strengthen your case.”
We keep you informed—always. Expect clear, regular communication from us. Whether we’re negotiating with your Bank or preparing an application to FOS, you’ll never be left in the dark.
We understand that negligence victims have already lost money, so we offer a “No Win, No Fee” Agreement.
What This Means for You
Pump and dump schemes are a form of investment fraud and may overlap with other crypto scams. Explore related recovery options below:
Yes, but acting quickly is crucial.
As a first step, save all communication (emails, messages, chat logs) and take screenshots of relevant websites, platforms, and accounts. Report the scam to your bank and Action Fraud immediately. If the scam happened through an exchange or social media platform, report it, as some exchanges have fraud investigation teams.
If you’re considering legal action, it is important to move quickly and speak to an expert solicitor as soon as possible to explore your options. Be extremely cautious of recovery agencies demanding upfront fees — many are scams themselves.
Always do your own research – never invest based on promotional hype alone. Check a cryptocurrency’s trading volume and liquidity; if a coin has low volume, it’s easier to manipulate. Be particularly wary of “guaranteed” profits – legitimate investments never promise instant gains. Watch out for manipulation of social media; in a crypto pump and dump scam, influencers and/or anonymous accounts aggressively promote a coin. Treat outlandish claims with scepticism and proceed carefully.
If you suspect a crypto pump and dump scam, report it to the relevant authorities immediately. In the UK, start with Action Fraud, the national cybercrime reporting service. You can also report fraud through dedicated UK government services. Scam adverts found online, in search results, or on social media should be reported to the Advertising Standards Authority (ASA) or directly to Google if they appear in Google search results.
Tim qualified as a solicitor in 2011 and has substantial experience handling professional negligence, financial mis-selling and fraud-related claims, including complex group actions involving systemic mis-selling.
Tim has reviewed this page to help ensure the legal information is accurate, up to date and relevant to individuals considering a potential claim.
We offer a free, confidential consultation to help you understand your legal options. Our specialist solicitors handle professional negligence, pension and investment mis-selling, and fraud recovery claims across England and Wales. From day one, we’ll give you clear, practical advice tailored to your situation.
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You do not need legal representation to make a financial services claim. You can complain yourself at no cost and under FCA rules, the financial services provider must provide a response. If you feel this is unsatisfactory, you can complain to the statutory redress bodies, the FOS and FSCS who can award you compensation. This is a free service.
The information appearing within this website does not constitute legal advice and is provided for general information purposes only. No warranty, whether express or implied, is given in relation to such material, and we do not accept any liability for reliance on it.
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