It's called market manipulation and fraud. Maybe do a quick google. If you're in a gross dirt floor piece of crap country where this is legal it's probably legal to rape your wife and snort cocaine too so who cares. You won't be around much longer.
You would be right...But this is not a market governed by SEC. So it is quite legal
Not to mention, Cryptocurrency is not regulated by any government. It is a decentralized market. this type of thing is completely legal here. Normal laws that apply to stock markets do not apply to cryptocurrency markets.