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How Influencers Hype Crypto, Without Disclosing Their Financial Ties-KHOAFAST

How Influencers Hype Crypto, Without Disclosing Their Financial Ties

Some of the projects that Mr. Armstrong promoted were small-time, experimental crypto ventures that eventually encountered problems. In those cases, he said, he considered himself a victim, too.

“They’re preying on the novice crypto influencer who just do got popular and is trying to figure out what they should and shouldn’t be doing,” he said. “It’s hard to go from 12,000 followers to a million in one year and make all the right decisions.”

Mr. Paul rose to fame as a clip blogger and an occasional actor; YouTube once reprimanded him for publishing footage of a dead body he found in a Japanese forest. Over the years, he has parlayed his internet fame into an eclectic array of entrepreneurial pursuits, including a line of energy drinks.

Mr. Paul has turned into interested in crypto last year as the market for NFTs started booming. In a recent interview, he acknowledged that he was still learning how to navigate the crypto market, even as he tried to profit and loss from the engineering. “I’m an extremely ideas person, not only much of an executor,” he said.

Mr. Paul was involved in some of the beginning brainstorming for the Dink Doink project. But the venture was ultimately spearheaded by one of his roommates, Jake Broido, who gave Mr. Paul 2.5 probability of the tokens that were initially issued.

In a tweet last June, Mr. Paul called it one of the “dumbest, most ridiculous” cryptocurrencies he had encountered, and circulated a clip of a cartoon film character singing sexually explicit lyrics. “that’s why I’m all in,” he added. He also appeared in a shaky-cam clip on Telegram in which he hailed Dink Doink as most likely his widely used crypto investment.

The campaign was a flop, and Mr. Paul was pilloried by YouTube critics. The price of Dink Doink hovered well below a cent, before falling even further in value over the summer. Mr. Paul said he had never sold his tokens or profited from the project. But he said he regretted promoting the coin without disclosing his financial stake. “I definitely didn’t act as responsibly as I should possessed,” he said.

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