Imagine investing in your favorite influencer or celebrity NFTS or crypto, only to have all of your hard-earned investments swiped away. This is, unfortunately, the harsh reality for many fans who follow their favorite celebrities. Many have lost hundreds of thousands of dollars to these scams, all while the celebrity fills their pockets and walks away with no punishment. The very people they trusted swindled them of their hard-earned cash.
How they get away with it
Many of these scammers use their fame and the trust of their fans to get them to invest in their NFTS or crypto. They promise big returns and say they will work hard to make constant updates to the project. Instead, they cash out or abandon it all together, leaving the project to die without their influence. Often, investors lose 60 percent to 90 percent of their initial investment.
Examples of celebrities abandoning or cashing out on projects
ZooCoin
ZooCoin is a coin made by Logan Paul. Logan was able to convince his fans that his cryptocurrency, Zoocoin, would be a game-changing cryptocurrency that would disrupt the industry. He made it sound as if you would be able to easily make money quickly. However, just about a year later, the project has almost gone down 99.3% from its all-time high and has been abandoned by Logan since. This has left thousands of inventors with a massive loss. The coin was almost guaranteed to fail after Logan gave up.
The Mike Tyson NFT Collection
Mike Tyson originally launched his NFTS in August of 2021. Mike Tyson, like Logan Paul's Cryto, was abandoned shortly after launch.This again resulted in a steep decline in the NFT price, and investors lost thousands. Mike Tyson has not said anything about the project since.
Save the children's cryptocurrency
Save the Kids was a crypto that investors fell victim to once again. The Crypto was promoted by YouTube personality Frazier Kay. Frazier Kay lied to investors by telling them that it would be an amazing investment. Within days of the launch of the Crypto Frazier, Kay sold nearly all his Save the Kid Coins, causing the currency to collapse. Even though he was punished by being fired from his organization, he still made off with thousands.
CXCOIN
Promoted by popular influencer Ice Posiden, CXCOIN was marketed as a long-term crypto project. Instead, within weeks of the launch, Ice Pony decided to take money out of the Crypto Liquity Pool. This is pretty much the equivalent of just stealing from investors. During an interview, he even admitted that he had scammed his fans but told the interviewer that he was "looking out for himself."
What should you do?
Overall, you should be careful with who you give your trust to when investing. I would highly recommend carefully considering if the investment is ideal for you and a good idea. Personally, after all that has happened, I would stay away from Celebrity, Infinity, or NFT coins.
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