Cage Pump
Gaduri pump · Deposit-locked pump · Closed-deposit pump · 가두리 펌핑 · 가두리
Korean traders' name for pushing up the Korean price of a coin whose deposits are closed, so no supply can come in from abroad. "Gaduri" is a fish-farm net pen: the coins are penned in.
Simple explanation
The same coin trades at slightly different prices in different countries, but the gap rarely grows large. When the Korean price climbs well above the world price, someone buys the coin abroad, sends it to a Korean exchange and sells it there. That buy-cheap, sell-dear trade (arbitrage) pulls the prices back together, which is why Bitcoin's kimchi premium usually stays within a few percent.
When a Korean exchange closes deposits for that coin, the road is cut. Coins bought abroad cannot come in, so only the coins already on the exchange can change hands. If buyers pile in, the coins for sale run out fast and a little money moves the price a lot. The Korean price alone can then sit tens of percent above the world price - what Korean traders call a "cage pump": the supply is caught in the net.
Deposits are usually closed for ordinary reasons: a network upgrade (hard fork), wallet maintenance, a blockchain outage or an investment-warning review. But if the price shoots up and the premium opens wide while deposits are closed, the price may reflect the penned-in supply more than any real value. Some people aim for exactly these moments to push the price up, which is why it is one of the classic signs of suspected manipulation.
The biggest risk comes when deposits reopen. Coins bought cheaply abroad flood in and are sold, and the Korean price drops quickly toward the world price - falls of 20 to 40 percent within hours are not rare. Anyone who bought at a high premium can lose heavily on a single "deposits resumed" notice. The opposite also happens: when only withdrawals are closed, coins cannot leave Korea and the Korean price can fall below the world price (a reverse premium).
To check, look at three things together: is only this coin's premium high, are deposits closed on the same exchange, and does nearly all trading happen in Korea? CoinGaja's unusual coin signals page counts the coins whose deposits are closed on an exchange while their premium there is 5 percentage points or more above Bitcoin's, and the exchange wallet status page shows each closed coin's premium on that exchange.
A closed deposit and a high premium are facts, not proof of manipulation. Before buying such a coin, check the exchange's notice for when deposits will reopen, and treat the gap to the world price as money you could lose. This entry is general information, not investment advice.
Example
Coin A abroad $1.00, KRW/USD 1,400 → the world price in won is ₩1,400
Bitcoin's premium 1% · coin A, deposits closed, trades at ₩1,890 in Korea → coin A's premium +35% (34 pp above Bitcoin's)
Deposits reopen and the price returns to about Bitcoin's premium (₩1,414) → a buyer at ₩1,890 is down −25%
※ Example numbers, for illustration only
See it on CoinGaja
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