We’ve all seen crypto influencers promoting the next “big thing” on social media, and it’s easy to get caught up in the hype. I recently followed an influencer who seemed to have a good track record of identifying profitable tokens. One day, they started talking about a new token project they claimed would change the DeFi space. The influencer had millions of followers, and the excitement in the comments was hard to ignore.

I decided to invest $2,000, trusting that the influencer knew what they were talking about. For a few weeks, the project seemed to be gaining momentum. The token’s price was rising, and more influencers began promoting it. But then, just as quickly as it had risen, the price crashed, and the influencers promoting the token went silent.

It turns out that the project was nothing more than a pump-and-dump scheme. The influencers had been paid to promote the token and drive up its price, only to sell off their holdings at the peak, leaving their followers with worthless tokens. It was a painful reminder that even well-known influencers can be part of scams. Always do your own research and don’t rely solely on the opinions of those with large followings.