Originally published on: November 05, 2024
Are you turning to Crypto Twitter for financial advice? You might want to think twice. In a riveting new video by Cointelegraph, we uncover the dark side of seeking guidance on X (formerly Twitter). While this platform is a hub for the crypto community, it’s also a breeding ground for market manipulation and scams.
Top crypto influencers and industry experts take center stage in this video, shedding light on how some accounts use their massive followings to manipulate prices through “pump-and-dump” schemes. These influencers hype up specific tokens, causing prices to skyrocket before dumping their holdings at a profit, leaving unsuspecting investors with worthless assets.
It’s not just about financial gain – these influencers are experts at building emotional connections with their followers. By projecting success and instilling trust, they make it easy for people to dive into risky investments without doing their due diligence.
But transparency is sorely lacking in this space. Many influencers conveniently forget to mention their conflicts of interest, leaving followers with the false impression that they’re receiving impartial advice. In reality, these influencers may be lining their pockets through undisclosed partnerships with token projects.
Want to learn more about the dangers of Crypto Twitter and how to protect yourself? Head over to our YouTube channel to watch the full video now!
