Crypto Influencers Stay Silent on Secret Pay Deals

ZachXBT, a prominent cryptocurrency analyst and investigator, has uncovered a network of over 160 social media influencers who received early access to token projects they were expected to promote—often without disclosing the paid nature of these collaborations. The findings, published in a detailed spreadsheet, reveal that only a handful of these influencers explicitly labeled their posts as paid advertisements, raising concerns about the transparency and integrity of the crypto marketing ecosystem [1]. The data highlights a pattern of covert promotion that blurs the line between organic content and sponsored endorsements.

The analysis suggests that the practice extends beyond individual influencers. In some cases, scammers have taken advantage of their public personas, using fake accounts or impersonation tactics to mislead followers. The FBI reported that in 2024 alone, U.S. victims lost approximately $9.3 billion to such schemes. These fraudulent actors frequently operate through platforms like Telegram, where they coordinate and execute large-scale promotional campaigns with minimal oversight [1]. The lack of regulation and enforcement in these spaces has enabled such practices to flourish, often under the guise of genuine endorsements.

Nefture Security, a cybersecurity firm specializing in digital asset fraud, echoed these concerns in a recent report. It noted that over the past three years, fraud-related incidents have caused more damage to the cryptocurrency sector than hacking activities, despite public perception favoring the latter. This shift underscores a growing trend: instead of targeting secure systems, fraudsters are exploiting human trust and social media influence to manipulate markets and siphon funds [1].

ZachXBT's findings also point to an adaptive nature in these fraudulent actors. After each public statement by law enforcement agencies regarding heightened crypto crime activity, there is a spike in deceptive outreach, often in the form of fake customer service calls. These calls, impersonating officials or financial institutions, are designed to lure victims into transferring funds to “secure” platforms controlled by the fraudsters [1]. This tactic exemplifies how criminals evolve their strategies in response to increased scrutiny.

The revelations raise questions about the responsibility of influencers and the platforms they use to reach audiences. With minimal accountability for the content they produce, influencers continue to play a pivotal role in shaping public perception of new crypto projects. However, the absence of clear disclosure requirements and enforcement mechanisms has created an environment where covert paid promotions can thrive, undermining investor trust and market integrity [1].

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[1] ZachXBT Caught 160 Influencers Hidden in Paid Token Ads (https://happycoin.club/en/zachxbt-ulichil-160-vliyatelnyh-licz-v-skrytoj-platnoj-reklame-tokenov/)