We must have known the 5/8/2018 as the bytecoin day. The day people got immensely rich and as well left some folks wrecked due to the massive pumping orchestrated , never have been seen of the like of in the crypto world.
Binnace listed the token on its exchange 3:00 AM tuesday, Greenwich Mean Time (GMT), and within 4 hours , it was traded at over 700% of its initial, Accusations of Binance carrying out an insiders trading, restricting transfers of the token to its platform, hence isolating the and containing the astronomical growth only to its exchange. A statement was later released saying “due to Bytecoin (BCN) network issues, deposits and withdrawals are experiencing severe delays”.
The token prices on HitBTC and Poloniex rose by a modest 150% during its peak period. This lead many investors to accuse binance and its establishment of racketeering the biggest pump and dump scheme. Many millionaires were made, but much more people got burnt on the scheme.
These were the speculations making the rounds online of what could really be happening.
1.The BCN team – These were the most assumption, its largely believed that the BCN team orchestrated the process, definitely having prior knowledge of the BCN listing, they instigated the network problem in other to sell holdings at the best possible prices.
A Pump&Dump group –There exist a group of individuals, the pump and drop group, which managed the entire process to make serious profit for themselves. The unrelated exchange failure just catalyzed their action to create the biggest yield.
Poloniex – As the largest single wallet for the BCN token, prices capped at about 200 satochi, hence its said that they managed the whole process to be able to sell their holdings at best pricing, then buying a few more within their platform in other to resell on binance at outrageous rates and profits…the cycle goes on until difference in profit margin fiddled out.
The incident was really so nasty that at a point on CoinMarketCap, BCN capitalization was listed at 8th on the list and thereafter was indicated as undefined. Later warning was put out that traders participating in the unruly arbitrage were prone to heavy losses. God bless participant, whichever the outcome was either in riches or penury.