  We examine the influence of Twitter promotion on cryptocurrency pump-and-dump
events. By analyzing abnormal returns, trading volume, and tweet activity, we
uncover that Twitter effectively garners attention for pump-and-dump schemes,
leading to notable effects on abnormal returns before the event. Our results
indicate that investors relying on Twitter information exhibit delayed selling
behavior during the post-dump phase, resulting in significant losses compared
to other participants. These findings shed light on the pivotal role of Twitter
promotion in cryptocurrency manipulation, offering valuable insights into
participant behavior and market dynamics.
