A new list has appeared on the internet that seems to reveal how much prominent celebrity influencers charge to promote or post about crypto projects on their social media handles.
The spreadsheet, which contained top celebrities like Soulja Boy, Jake Paul, and Antonio Brown, among others, was initially shared by self-proclaimed “on-chain sleuth” @zachxbt on Twitter and was later shared by another user on Reddit.
1/ Ever wonder who connected projects with the celebrities and influencers that promote crypto scams?
Here’s a breakdown on one of the people doing it known as Raichu (Ryan). pic.twitter.com/uzrEZ1pAvX
— ZachXBT (@zachxbt) April 5, 2023
According to ZachXBT, this list was disclosed by Raichu, who allegedly worked with some of the influencers to promote crypto and NFT projects, some of which were eventually rug-pulled.
Raichu Ryan makes his living by connecting projects with these celebrities and influencers for the purpose of promoting them on Instagram, TikTok, YoTube, or Twitter.
In one of the samples shared, ZachXBT mentioned that Raichu collaborated with the rapper Lil Xan to plan a promotion for the Baller Ape Club (BAC) project. Meanwhile,
“In June 2022, the BAC founder was charged by the US DOJ for wire fraud and international money laundering after the project turned out to be a $2.6 million scam.”
While some of these celebrity influencers charge below $1,000, most of them charge as much as over $20,000 just by tweeting about a project. Interestingly, at the top of the list is Jake Paul, who supposedly makes $150,000 or more for just one tweet about a project.
This recently revealed information points out the potential risks of following the financial advice of influencers while apparently casting doubt on the trustworthiness of the cryptocurrency market.
Crypto investors should carry out due diligence
Although Crypto Economy hasn’t been able to confirm whether the prices contained in this spreadsheet are completely accurate or whether any of these celebrity influencers are in violation of the law, crypto investors must exercise caution exercise caution when investing in any crypto or NFT projects based on what they hear from influencers.
Furthermore, it is important to note that while celebrity endorsements can bring attention to a project, they do not guarantee its success or legitimacy. Investors should always conduct their own research and due diligence before investing in any crypto or NFT project.
Regulators are already keeping a very close eye on these types of promotions, as they deem them to violate securities laws without proper disclosure.
The American Securities and Exchange Commission (SEC) recently charged several celebrities for promoting TRX and BTT (Owned by Justin Sun) crypto projects without publicly disclosing that they were paid. Among them are Soulja Boy, Austin Mahone, actress Lindsay Lohan, YouTuber Jake Paul, and Akon, among others.
Kim Kardashian also paid about $1.26 million to the SEC to settle charges in October 2022, concerning to her illegal promotion of EthereumMax (EMAX).