Not the first time that I have seen this kind of maneuver, I've seen projects who raised so much money and highly anticipated to be listed on an exchange, but once it is listed, the price goes down way below it's ICO price and up to now the price hasn't recovered yet.
So this won't stop unless people are not going to invest on scam projects. But the problem is, many people are too gullible, and believed everything that the ICO or the project has promised.
He may be not so good at analyzing a particular project what is really worth to support, there are projects that are obviously planning to scam other people, everyone can easily notice it. This is why we should have study every project before joining in to avoid our money from losing, prevent us from scammers. There are actually lots of techniques for you to consider or to analyze particular project to know or to prove if that is legitimate ones that can give you profit while doing your tasks.
I don't think its scam because you said the coin do still have a value and its listed . for me scam means if the coins isn't listed at all or no value but that coin can be classified as a pump and dump because you said the manipulation happens so fast--
The meaning of the scam is very ambiguous lately. I don't know, I'm sometimes surprised, this is a bit out of topic. I really want to discuss it, some new bounty hunters who are uneducated are very easy to say scam when a dump occurs, or when they don't get a reward according to expectations, even though the coins or tokens are tradable, it's childish- I think. It seems like the OP is doing the same thing.
Come on, be wiser and more selective in dealing with unfavorable circumstances, don't easily blame another party for expectations that are not reached.
It is indeed true, we should be careful and stay alert every time, do not trust someone you don't actually know, they must be offering you some good money but isn't it obvious that they are just trying to scam you.