Originally published on: November 05, 2024
When it comes to seeking financial advice in the world of cryptocurrency, turning to X, previously known as Twitter, may not always be the safest bet. While the platform is a hub for the crypto community, it is also a breeding ground for market manipulation and scams.
In a recent Cointelegraph video expose, we take a closer look at the hidden dangers lurking within the depths of Crypto Twitter. Top crypto influencers and industry experts shed light on how some high-profile accounts utilize their influence to manipulate prices through “pump-and-dump” schemes.
These influencers leverage their followers to artificially drive up the prices of certain tokens, only to sell off their holdings at a profit, leaving unsuspecting investors with assets of little to no value.
The video delves into how these influencers establish emotional connections with their audience, portraying a facade of success and trustworthiness. This, in turn, makes it all too easy for individuals to make risky investment decisions without conducting proper due diligence.
A major issue highlighted in the video is the lack of transparency among influencers. Many fail to disclose conflicts of interest, leading their followers to believe they are receiving impartial advice when, in reality, they may be profiting from undisclosed partnerships with token projects.
To learn more about the risks associated with Crypto Twitter and how to safeguard yourself against potential pitfalls, be sure to watch the full video on our YouTube channel. It’s time to navigate the world of cryptocurrency with caution and clarity.
