Pump and dump is also considered a fraud in the stock market and yet it happens all the time in cryptos.
Oh yah...
Although the legal situation is not the same, the speculation arena here is a lot like an inner-city 'Hood that features an open-air drug market where youths openly commit serious felonies by dealing cocaine, etc.
"Nuttin' but tha best fo all yo' white folk from tha suburbs!!"
And they do it openly because they know the risk of being nabbed isn't that high.