# A Survey on Pump and Dump Detection in the Cryptocurrency Market Using Machine Learning
###### Abstract  
The popularity of cryptocurrencies has skyrocketed in recent years, with blockchain technologies enabling the development of new digital assets. However, along with their advantages, such as lower transaction costs, increased security, and transactional transparency, cryptocurrencies have also become susceptible to various forms of market manipulation. The pump and dump (P&D) scheme is of significant concern among these manipulation tactics. Despite the growing awareness of P&D activities in cryptocurrency markets, a comprehensive survey is needed to explore the detection methods. This paper aims to fill this gap by reviewing the literature on P&D detection in the cryptocurrency world. This survey provides valuable insights into detecting and classifying P&D schemes in the cryptocurrency market by analyzing the selected studies, including their definitions and the taxonomies of P&D schemes, the methodologies employed, their strengths and weaknesses, and the proposed solutions. Presented here are insights that can guide future research in this field and offer practical approaches to combating P&D manipulations in cryptocurrency trading. pump and dump detection; cryptocurrency; market manipulation detection; machine learning +
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real development behind them, so when investors invest their money, they find out they have become victims of a fraud scheme. It has also become increasingly prevalent to conduct phishing attacks against cryptocurrency users. Using various methods, hackers gain unauthorized access to cryptocurrency wallets and steal funds by tricking users into revealing their private keys or login credentials [5]. Social media analysis is of paramount importance in understanding and detecting fraudulent practices in cryptocurrency markets, as it can provide valuable insights into the manipulative strategies employed, enabling more effective measures against such schemes [6]. As mentioned earlier, in the cryptocurrency market, there is no regulation or oversight, which further exacerbates the problem of fraud. Although efforts are being made to establish regulatory frameworks and enhance security measures, cryptocurrencies' decentralized nature makes enforcing consistent standards and protecting investors difficult. There are significant risks involved in these fraudulent activities for investors, and they undermine the integrity of the cryptocurrency market in general. The detection and prevention of such fraud is critical to protecting investors and maintaining the credibility of cryptocurrencies. Thus, the purpose of this survey is to explore the existing literature on fraud detection in cryptocurrencies. Our focus will be on detecting and analyzing P&D schemes, which have been identified as one of the most common and damaging forms of cryptocurrency fraud. This study aims to provide valuable insights into the challenges and obstacles encountered in detecting and mitigating P&D schemes within the cryptocurrency ecosystem through a comprehensive analysis of the methodologies, techniques, and advancements presented in relevant research papers. In addition to recognizing the potential similarities and transferability of techniques, we also mention other notable research articles that have explored the detection of P&D schemes in various financial markets beyond cryptocurrencies. Eventually, the findings of this survey hold the potential to enhance the security and reliability of the cryptocurrency market, thereby instilling greater confidence among cryptocurrency investors. This paper is organized into six sections. Section 1 introduces the topic and the motivation behind this study. Section 2 presents background and related works with a comparison of previous surveys on market manipulation and P&D detection and gives the theoretical background on cryptocurrency market manipulation and P&D schemes. Section 3 describes the methodology of the survey.