ZachXBT, a known “on-chain detective”, dropped another massive leak on September 1, exposing hundreds of crypto influencers.
Namely, a price sheet posted on X reveals the wallet addresses and promotional rates of over 200 figures in the market recently approached by a project they were meant to promote.
However, ZachXBT’s analysis shows that while some 160 accounts accepted the deal, fewer than five actually disclosed their posts as paid advertisements.
Unsurprisingly, the leak is raising a number of questions regarding transparency and marketing standards with cryptocurrency, even if most of those featured on the list are “from the most recent class of CT or are just botted accounts.”
The growing risk of crypto scams
Decentralized finance (DeFi) has exploded in recent years, but its expansion has been accompanied by a sharp rise in predatory schemes.
In 2024 alone, for example, Americans alone lost $9.3 billion to crypto crime according to the FBI.
Accounts impersonating important crypto figures and social media influencers are increasingly more common, with a Nefture Security crime report suggesting that chat platforms such as Telegram played a key role in facilitating fraud.
Accordingly, regulatory and industry responses are intensifying, with the European Union’s Markets in Crypto-Assets (MiCA) and the GENIUS Act providing some much-needed clarity.
Still, the decentralized nature of the industry limits regulatory effectiveness, especially since cryptocurrency still remains stigmatized in the public eye.
Featured image via Shutterstock
Source: https://finbold.com/160-crypto-influencers-exposed-for-undisclosed-paid-ads/
