Big names are entering crypto and crypto is making some names big. There are some who have shaped their views to a point of dominance, becoming opinion leaders. However, many crypto influencers have been caught pants down, raising concerns about whether they are part of an elaborate pump-and-dump scheme.
Every so often there is a headline celebrating a new public figure joining one cryptocurrency platform or the other. From Christiano Ronaldo to Snoop Dogg, big-name individuals are becoming active participants in the crypto boom.
But social media crypto influencers are accused of colluding with fly-by-night projects. They allegedly promoted tokens to people with little understanding of the risks involved in crypto assets, resulting in massive losses for the buyers.
Crypto influencers: The big dump, profits over followers
It is a typical pump-and-dump scam where only the influencer and project team profit from the misery of others, according to observers. One of the most popular cases involves that of YouTuber and influencer Ben Armstrong, a.k.a BitBoy.
Onchain sleuth ZachXBT made sensational claims against BitBoy in January. By posing as a project looking for promotion, ZachXBT alleged that “I uncovered 7 scams Bitboy actively worked with and promoted to his audience.”
