[ReaLNero]

I mean if they're going to act (or rather, seem) malicious then they might as steal the backed assets they have right now rather than hope to pump-and-dump enough to make more money. It's not like either is more legal than the other.

[ummonk]

Just arbitraging ensures this scheme never blows up in their faces and they can never get charged with a crime. Acting shady (but not actually stealing anything) isn't illegal.

[ReaLNero]

If your ability to make money off something is based on a pump-and-dump (or more fittingly, dump-and-pump) scheme, then you are either committing securities fraud or ending up in a lengthy legal battle over securities fraud.