Scam artists have been around since money has existed. Take the information you see from film and television shows, and you’ll likely believe con artists to be like the earthy Mr. Fagin of Oliver Twist fame or unassuming and suave strangers intently watching players engaging in roulette. On the other hand, you’ll be exclusively thinking of internet fraudsters and recalling emails coming from senders you aren’t familiar with, typically with links that could drain the bank account of those who click on them.
In today’s modern age, the most widespread and prevalent fraudsters don’t obscure their identities or stay hidden, waiting to pounce on their victims. In reality, they’re usually at the top of your social media feeds. Many influencers have been accused of fraudulent activities, and one trend that’s been on the rise in recent years is the crypto scam. Fans aren’t just dropping their hard-earned money on questionable merchandise but are experiencing financial losses after being encouraged to make investments in cryptocurrency.
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Everything started with Bitcoin’s release back in 2009. While it spent its initial decade in obscurity and was used mainly in the black market and deep web transactions, it made the concept behind cryptocurrency mainstream when its value rose to $19,783 in 2017. Despite the fluctuating prices of digital currency in the following years, it switched many financial traders to the idea that there was money that could be made from it. As a result, a multitude of different currencies of different values brought about a lot of competitors in cryptocurrency, and it’s not easy to keep track of how many of them there are now.
Many internet stars have jumped on the crypto bandwagon. One such influencer is Tana Mongeau, a reality star who had advertised Titscoin, a cryptocurrency that was supposedly set up for the purpose of raising awareness of the research for breast cancer. However, many critics immediately pointed out the existence of more legitimate approaches to doing it. Moreover, many believe that attaching charitable causes to cryptocurrency serves to do little more than boost popularity and hide the unethical practice of exploiting the charity to gain more investors.
Jake Paul, her ex-partner, wasn’t any different. On many occasions, the vlogger had spoken out about his investments like Yummy Coin, which claims to donate to the homeless and poor. Both raised some concerns regarding cryptocurrency, namely the use of charities and their popularity to deflect underhanded behavior. And many influencers are following suit.
Cryptocurrency scams are as common today as many other fraudulent investment schemes, and the support of influencers has only led to more victims. The only way to put an end to these types of scams is not to give in to the temptation of investing in them. The fewer people who do, the more likely cryptocurrency scams will disappear.