Followers of Famous Social Media Influencers Beware

by Crypto Drive

The August 11, 2022 CNBC article entitled “Some social media influencers are being paid thousands to endorse cryptocurrency projects,” should serve as warning particularly to newbies and even seasoned cryptocurrency enthusiasts.

The article pointed out the following:

  • Some influencers on social media platforms are making thousands of dollars for each promotional video they make for various cryptocurrency projects.
  • In some cases, influencers failed to disclose the projects they promoted were part of a paid sponsorship, potentially leading their viewers to make risky investments.

Thanks to Ben Armstrong, (AKA BitBoy Crypto), one of the world’s most popular crypto influencers for his honesty of telling the truth, after deciding to stop from this business practice early this year. This he did  after some crypto projects he endorsed suffered significant dropped in value resulting to substantial losses to investors.

His disclosure should open our mind and make us realize that not all what is said and written by these influencers should be made as basis on important investment decisions. Even if it is coming from reputable authority and experts. We really need to validate  what we heard and read, not deciding outright just because someone known in the crypto community endorses a particular project.

With numerous social media influencers in the industry having thousands or even millions of followers, we can safely assume that there are some lousy, scams and rug-pull projects being endorsed knowingly or unknowingly.

Do Your Own Research “DYOR” still is one of the most important advice to live by, for those who want to explore the world of investing and venture to play in cryptocurrency space these days.

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