World

Curry

Andy

Influencer

<p>Now the latest headline shows how dangerous it is to have celebrities promoting cryptocurrencies: a hacker broke into the Twitter account of Andy Ayrey, the founder of Truth Terminal, and left a post about a fake token called $IB.&nbsp;</p>  
<p>As the blockchain analyst, Lookonchaain reported, In one hour alone, the hacker withdrew $602,500 from innocent investors provoked by Ayrey’s endorsement of the product. This exploit is nearly identical to a worrying trend of major social media accounts with hundreds of thousands of followers being hacked or manipulated into promoting questionable cryptocurrencies.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/lookonchain/status/1851109427988087020
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-earlier-cases-of-deceptive-celebrity-advertising">Earlier Cases of Deceptive Celebrity Advertising</h2>  
<p>It is found that celebrity endorsement is prominent in scams involving cryptocurrencies. For example, Kim <a href="https://www.sec.gov/newsroom/press-releases/2022-183" target="_blank" rel="noopener noreferrer nofollow">Kardashian </a>and Floyd Mayweather endorsed EthereumMax, an ICO that crashed shortly after, which saw several individuals sue celebrities for alleged manipulation.&nbsp;</p>  
<p>In the same vain, many celebrities such as Tom Brady and Stephen Curry endorsed the crypto platform FTX. It was evident that thousands of investors were <a href="https://www.youtube.com/watch?v=YubsKIVB0_k" target="_blank" rel="noopener noreferrer nofollow">upon filing bankruptcy by FTX</a> again faced severe loss of money proving the fact that celebrity-endorsed investment plans are not safe.&nbsp;</p>   [post_titles_links postid="372775"]  
<h3 class="wp-block-heading" id="h-living-safely-in-a-world-of-influencer-endorsements">Living Safely in a World of Influencer Endorsements</h3>  
<p>Crypto scams demonstrate how criminals use fans’ loyalty to public persons and their word of mouth to carry out their crimes. It is predicted that a logical move by celebrities and high-profile personalities will be to sell their endorsements to investors.&nbsp;</p>  
<p>Social proof of the token is highly recommended and the promotion of the token should also be investigated to check its credibility. By doing this, the investors do not get exploited by the various quacks who are out there to take advantage of an influential personality. By explaining and educating themselves about cryptoassets and their functioning, enthusiasts will be able to avoid pitfalls connected with fake sponsorship.</p>

Celebrity Crypto Scam Strikes Again: Andy Ayrey’s X Account Used in $600K Fraud

Table of Contents

CoinPedia News

Other articles published on Oct 29, 2024

MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash

Bitcoin Price Prediction: Can BTC Price Record A New ATH Before October Ends?

‘The Splurge’ to seek better cryptography to prepare for quantum computers: Buterin

Bitcoin Peaks Above $71K as Political Turmoil and Fund Interest Ignite Crypto Frenzy

Why Vantard’s ICO Is the Key To Unlocking the Memecoin Supercycle

Solana Emerges as Strong L1 Contender Amid Ethereum Market Shift

Join our free newsletter for daily crypto updates!