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,…
