Is pump-and-dump illegal?

The question on many cryptocurrency enthusiasts' minds is whether the practice of pump-and-dump is actually illegal. For those unfamiliar, pump-and-dump refers to the manipulative tactic of artificially inflating the price of a cryptocurrency through false or misleading statements, often made on social media or forums, in order to entice unsuspecting investors to buy in. Once the price has been sufficiently pumped up, the perpetrators then sell their holdings, causing the price to plummet and leaving the new investors holding the bag. So, is this shady practice outlawed? It depends. While some countries have specific laws against pump-and-dump schemes, others may not have clear-cut regulations in place. Regulators are constantly grappling with how to keep up with the rapidly evolving world of cryptocurrency, and the legality of pump-and-dump can vary widely depending on the jurisdiction. Ultimately, the responsibility falls on investors to do their due diligence and be wary of potential scams.