The promise of quick profits can be hard to resist, especially when it’s being pitched by someone who seems to know what they’re talking about. I learned this the hard way when I followed the advice of a crypto influencer who turned out to be running a pump-and-dump scheme.

I followed this influencer on social media for months. They regularly posted market analysis and seemed to have a good track record of predicting price movements. One day, they mentioned a small-cap altcoin that was “about to take off” and urged their followers to buy in before a big announcement. They made it sound like they had insider knowledge, and the coin’s price had already started to rise, so I bought in with $2,000, hoping to catch the wave.

For a few days, it seemed like the influencer was right. The coin’s price kept climbing, and more people in the comments were talking about how they were making huge gains. But then, suddenly, the influencer went silent, and the coin’s price plummeted. It turned out that the influencer had bought in early, hyped up the coin to drive up the price, and then sold off their holdings at the peak, leaving their followers holding worthless tokens.

I realized later that pump-and-dump schemes are common in the world of small-cap altcoins, and influencers with large followings can easily manipulate prices. If you ever see someone pushing a particular coin aggressively, take a step back and ask yourself why they’re doing it. Real market analysis doesn’t rely on creating hype, and legitimate traders don’t encourage their followers to buy without explaining the risks. In the end, it’s your money on the line, so don’t be afraid to question everything.