Get paid to post videos about cryptocurrency
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CARA BERMAIN FOREX DENGAN BETULA
Armstrong now says he feels responsible for the losses suffered by his followers. CNBC found that some of these online personalities get paid thousands to endorse dubious projects. This spring, an anonymous blockchain sleuth posted a list on Twitter naming 44 YouTube crypto personalities and their prices for paid promotions. Armstrong says he used the money he made from the promotion of DistX to refund his followers after the coin crashed, adding that he felt particularly guilty for how heavily advertised it was on his channel.
However, he says that is the only project in which he intervened in that way after investors lost money taking his advice. While Armstrong does disclose that he is not a trained financial professional, many of the ventures he's promoted have plummeted. After other cryptocurrency ventures like Ethereum Yield, Cypherium and MYX Network dropped in value, he deleted the promotional videos for them off his channel.
Unlike Armstrong, who says he disclosed all of his paid promotional videos, some influencers don't share that they're getting handsomely paid to plug projects. According to Armstrong, many of the companies that contacted him while he was collecting fees for endorsements didn't want him to tell his viewers the content was sponsored.
Armstrong said that five years ago many influencers would not disclose that they were paid to plug projects, but most influencers today are upfront about promotions with their viewers. But state regulators warn that there are still influencers who lack transparency. Joe Rotunda, the director of the enforcement division of the Texas State Securities Board, said he's seen paid promotions that are not only undisclosed but are pushing fraudulent ventures.
CNBC Rotunda and a team of regulators recently filed enforcement actions against two casinos in the metaverse, the new digital frontier where users can attend virtual concerts, purchase digital assets or even gamble at a casino. The actions cited Flamingo Casino Club and Sand Vegas Casino Club, accusing them of trying to defraud retail investors by selling unregistered securities.
Neither casino responded to requests for comment. Rotunda said his team found the fraudulent metaverse operations through promotions from crypto influencers on YouTube. He referenced two popular influencers who promoted Flamingo Casino Club in videos reaching about 80, viewers. The cease-and-desist order against Flamingo Casino Club said one of the influencers promoting the casino was "recruiting promoters to engage and pay him to advertise their products through his YouTube channel.
Questionable promotions aren't just happening through crypto influencers on YouTube. The House Ethics Committee announced in May that it was investigating potentially improper cryptocurrency promotions by Rep. However, he says that is the only project in which he intervened in that way after investors lost money taking his advice.
While Armstrong does disclose that he is not a trained financial professional, many of the ventures he's promoted have plummeted. After other cryptocurrency ventures like Ethereum Yield, Cypherium and MYX Network dropped in value, he deleted the promotional videos for them off his channel.
Unlike Armstrong, who says he disclosed all of his paid promotional videos, some influencers don't share that they're getting handsomely paid to plug projects. According to Armstrong, many of the companies that contacted him while he was collecting fees for endorsements didn't want him to tell his viewers the content was sponsored. Armstrong said that five years ago many influencers would not disclose that they were paid to plug projects, but most influencers today are upfront about promotions with their viewers.
But state regulators warn that there are still influencers who lack transparency. Joe Rotunda, the director of the enforcement division of the Texas State Securities Board, said he's seen paid promotions that are not only undisclosed but are pushing fraudulent ventures. CNBC Rotunda and a team of regulators recently filed enforcement actions against two casinos in the metaverse, the new digital frontier where users can attend virtual concerts, purchase digital assets or even gamble at a casino.
The actions cited Flamingo Casino Club and Sand Vegas Casino Club, accusing them of trying to defraud retail investors by selling unregistered securities. Neither casino responded to requests for comment. Rotunda said his team found the fraudulent metaverse operations through promotions from crypto influencers on YouTube.
He referenced two popular influencers who promoted Flamingo Casino Club in videos reaching about 80, viewers. The cease-and-desist order against Flamingo Casino Club said one of the influencers promoting the casino was "recruiting promoters to engage and pay him to advertise their products through his YouTube channel. Questionable promotions aren't just happening through crypto influencers on YouTube.
The House Ethics Committee announced in May that it was investigating potentially improper cryptocurrency promotions by Rep. Madison Cawthorn, a Republican from North Carolina. He was seen in a photo with the coin's co-founders on Instagram the next week, commenting " Tomorrow we go to the moon!
Taylor Monahan, product lead at the digital currency wallet called MetaMask, said she is "viciously opposed" to all partnerships with crypto influencers. Taylor Monahan, product lead at the digital currency wallet MetaMask.