Beware of influencers and Top10 lists
An Influencer is someone that has amassed a lot of followers that take their actions or words as advice to follow.
Influencers were mostly known from Instagram, but nowadays they do their thing on all social channels. And guess what? They have discovered Crypto as well.
Some of them surely mean well, but many others are just promoting their own ‘bags’. They might even be taking part in a pump ‘n dump scheme, so beware.
Of course, all influencers will say that whatever they promote is “no financial advice”, but that’s only to cover themselves legally.
Check out this video our TikTok team made about a TikTok influencer that shared tokens to his followers. Guess what, a protocol can just pay to be listed, no further research is done.
@easedefi Beware of @woc_bit. #scam #crypto #learnontiktok #fyp #cryptocurrency
If you browse around Crypto TikTok and CT, you will see many of the lists:
“These tokens will moon and go 10x within the next year”. While “being at the beginning of the next bitcoin” sounds amazing, here is what most of these “investment advisors” don’t tell you.
We contacted one of many of these types of users and asked them what it would cost to have our coin in a list of “10x in 2022”. It’s only $400. Or $350/2 videos. What a deal right?
Most of these people are paid advertisers that don’t disclose their motives at best. Once they grow a large follower base, then these lists are used to pump ‘n dump their own portfolio…
One way they do this is they take, buy, or receive tokens as payment for advertising and then do their best to drum up hype. As that hype causes a spike in price they then utilize the pump to dump their own tokens on them. This leaves their follower base “holding the bag”, while the influencers move on to their next “10x token”.
It’s always important to remember that if something sounds too good to be true, it probably is. Crypto is a new exciting way to grant financial freedom to many people but is also unfortunately a new and exciting way for people to use and even scam the uninformed.