Beware of Coin Fraud with Social Media Referral

Social Media Specialist Alaattin Çağıl, who has warned about fraudulent activities on cryptocurrency exchanges and alt coins in recent years, made important statements regarding the coin fraud that has recently emerged on Twitter.

Twitter is very open to manipulations.

Stating that social media platforms, especially Twitter, are open to manipulation, deformation and disinformation, Alaattin Çağıl; “Recently, a data was shared by EGM. According to the data of the General Directorate of Security, 145% of the 23 million tweets shared on Twitter were sent from bot accounts. Twitter also uses different manipulation techniques outside of bot accounts. Twitter has now turned into a tool for cryptocurrency fraudsters. Evaluations that any coin will rise or lose value suddenly come to the fore on Twitter. People are directed from here to buy or sell altcoins. Twitter is an open channel for manipulations," he said.

They use popular accounts

Alaattin Cagil, who conveyed his observations on the operation of coin fraud on Twitter; “They mostly use popular accounts. These accounts already appeal to millions of Twitter users. In some cases, they directly use them to grow new accounts and consolidate large audiences. These scammers dominate the market completely. They have information about which coin will rise and when. Therefore, they create manipulation when it is high and direct users to buy that coin. Then they make an unfair profit by buying them again at low prices. At this point, it is possible to see some coins even fall by 10.000%.”

Investors should be careful who they seek advice from

Finally, Social Media Expert Alaattin Cagil, who made suggestions to crypto money investors; “Investors should definitely be careful who they get advice from. My personal opinion is that getting advice is not the right method. Of course, experts who have become authorities and have command of financial investment instruments are a very good source of information. However, there are also manipulative people in the market who think completely of their own interests and use small investors as pawns, so to speak, for their purposes. They should never be compromised. My advice to investors is to speed up the learning process and gain knowledge about cryptocurrency exchanges. In addition, financial literacy is another pillar of this business. You should definitely be knowledgeable and educated on these issues," he said.