In a recent Cointelegraph video, I delve into the hidden dangers of seeking financial advice on social media. While these platforms serve as the heart of the crypto community, they also host market manipulation and fraud.
Some prominent accounts use their range to influence prices in “pump and dump” schemes.
Which often leaves ordinary investors holding assets that are virtually worthless.
Experts reveal how influencers build emotional connections with followers, project success and boost trust — making it easy for people to make risky investments without doing enough research.
In fact, these influencers may benefit from undisclosed partnerships with token projects.
To learn more, watch the full video on Cointelegraph's YouTube channel.
The video touched on the positives and negatives and provided tips to avoid making mistakes.
This is an illustration of a situation that actually happened today, where as soon as the influencer ordered his followers to buy, the price dropped by significant percentages.
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