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Wednesday, May 21, 2025

Some social media influencers are being paid thousands to endorse cryptocurrency projects - CNBC

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Ben Armstrong says his crisis of conscience came in January of this year, when he realized he had to stop a business practice he — and a lot of other people in his line of work — had been engaged in for years.
Armstrong is one of the most-watched crypto influencers on YouTube. His channel, BitBoy Crypto, has amassed more than 1.5 million subscribers. For years, Armstrong said he accepted payments from crypto companies to tout their new products for his vast audience of subscribers. That’s a practice he says he now regrets because it led to some painful losses for his own viewers.
In the fall of 2020, Armstrong announced his partnership with a cryptocurrency called DistX, calling it his most trusted coin. He said the whole idea of DistX was to stop scams in crypto — but Armstrong said in the end, the project itself ended up being a scam. The project team rug pulled, meaning they worked to increase the market cap then disappeared — leaving investors holding the bag. The coin...



Read Full Story: https://www.cnbc.com/2022/08/11/some-influencers-paid-thousands-to-endorse-cr...

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