The pump and dump scheme is a form of market manipulation attack in which coordinated actors drive up the price of an asset in order to sell at a higher price. Due in part to a lack of enforcement, these schemes are widespread within the cryptocurrency marketplace, but the negative impact of these events on the coins they target is not yet fully understood. Drawing upon a novel dataset of pump events extracted from Telegram channels, an order of magnitude larger than the nearest comparable dataset in the literature, we explore the differing tactics of pumping channels and the long-term impact of pump and dump schemes across 765 coins. We find that, despite a short-term positive impact in some cases, the long-term impact of pump and dump schemes on the targeted assets is negative, amounting to an average 30% relative drop in price a year after the pump event.

翻译：抽拉和抛售是一种市场操纵攻击形式，其中协调的行动者推高资产价格以便以更高价格卖出。由于部分原因在于执法缺失，这些策略在加密货币市场中广泛存在，但这些事件对其瞄准的币种的负面影响尚未完全明确。基于从Telegram频道中提取的、比文献中最近似数据集大一个数量级的新颖拉盘事件数据集，我们探讨了拉盘频道的不同策略以及抽拉抛售策略对765种币的长期影响。我们发现，尽管在某些情况下短期内存在正面影响，但抽拉抛售策略对目标资产的长期影响是负面的，平均而言，拉盘事件一年后价格相对下跌30%。