Cryptocurrency industry, despite indicating a sharp decline in the latest trend, still offers earning opportunities for some investors through competitions and events organized by different cryptocurrency exchanges. Bybit, one of the leading cryptocurrency exchanges, made headlines with a major event.
Bybit Competition Creates a Stir
Bybit cryptocurrency exchange experienced a major failure during its annual trading event. The team that ranked first in Bybit’s competition was disqualified for engaging in illegal activities and violating the competition rules. This failure in the competition, where more than 100,000 teams and individuals competed, was uncovered by vigilant observers.
According to the statement released by Bybit cryptocurrency exchange, a team was disqualified due to their actions. The reason behind this disqualification was the cryptocurrencies traded by the team. Based on the provided visuals, it appears that the team traded mostly in CEEK/USDT and ALPACA/USDT pairs. It can be observed that these futures contracts have almost no volume on Bybit and sometimes have order books with only one trade executed in 30 minutes. However, the team managed to generate a profit of around 30,000% from these trades.
The reason why the team specifically chose these two cryptocurrency trading pairs and achieved such astonishing profits becomes evident when looking at the chart. The charts show significant price increases and sudden drops. This, in turn, led to the exposure of the team’s other actions.
Team Engages in Pump and Dump Scheme
The teams that select tokens with low liquidity apparently inflate their prices on other exchanges and then send them crashing. This strategy brings substantial profits in both long and short positions.
When examining the names of the winning team members, it can be seen that they promote their own Discord channels. This clearly reveals the team’s intentions. The disqualification of this team, named ApolloVentures, has caused a significant uproar in the industry.
