Beware of crypto pump-and-dump scams

The crypto economy has been torn to shreds in recent weeks with hundreds of billions knocked off the value of the sector. PHOTO: REUTERS
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(AFP) - In a sleepy corner of the crypto economy, the value of an obscure coin called Enzyme was tumbling downwards along with its peers but something unusual happened mid-May.

Enzyme, also known as MLN, rocketed from 30 US cents to 47 US cents in just minutes and daily trading volumes exploded from around US$3 million (S$4.1 million) to more than US$100 million, according to CoinGecko.

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