ZachXBT explained that the majority of celebrities enter the crypto sector to make money from innocent crypto Investors.
On 30 May 2024, A crypto enthusiast on X by the name @ColdBloodShill shared a lengthy Tweet post and noted that the entry of celebrities in this innovative sector brings a type of big scam. Usually, they launch a new token & sell against their fans.
According to this person, such new crypto tokens usually collapse within a few days, weeks, or months but fans remain engaged in the token community & they keep buying to survive against the unrealised losses.
This crypto enthusiast also shed light on other positive things over the endorsement of celebrities in the crypto sector but overall noted that the majority of the celebrities only use their popularity to conduct a direct scam.
This X user talked about these things because of the news around multiple charges by the United States Securities and Exchange Commission (SEC) against many celebrities over their involvement in the crypto sector & violating securities laws.
I’ll just summarise (long post) my thoughts on the celeb bullshit.
Over the last 4 days coincidentally a number of celebrities have all launched memecoins.
This has raised the debate on whether this is a positive (onboarding) or a negative (pump and dump) for the space.… pic.twitter.com/kRnxzCdcXl
On the other hand, some Crypto enthusiasts supported those particular numbers of celebrities who never misused their influence but their team misused their influence.
there are definitely some who have not launched tokens who are also interested in the space & how to contribute/participate
where I disagree with this is the part of telling those who do launch tokens to fuck off
reason being that I don’t think a lot of them are the sole person… https://t.co/yZ5uSDWs9V
In response, popular crypto detective ZachXBT said that the lesser-known celebrities we support have mostly been involved in promoting or launching several scams in the past. For example, Davido promoted RapDoge, Echoke, and Racksterli to be involved in a massive Nigerian crypto investment Ponzi.
Furthermore, ZachXBT said that their main purpose always remains to extract money from the public with minimum hard work.
These d-tier celebs you keep supporting mostly have already launched or promoted multiple scams in the past.
EX: Davido promoted RapDoge, Echoke, and Racksterli (massive Nigerian investment ponzi)
Now bc they come back and make one post you think this time will be different…
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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