That's $3M in transactions, sorry I forgot the $. Yes, it could be part of the scheme, but most exchanges charge a percent or more. So it's more than just a copy-and-paste (the term for new currencies that come out without any substance behind them), if they're also spending $40K/day in exchange fees. Now, speculation is that C-CEX is involved or behind some of these bogus coins, so you gotta look at what exchanges it's on. Diamond is on Bittrex, which seems to be on the up-and-up.