August 1, 2021

A look into a failed influencer deal to promote a cryptocurrency

Over the past week, influencers who’ve promoted altcoins, highly volatile alternative cryptocurrencies, have sought to distance themselves from the coins they once supported.

“[I] let my followers know and was extremely clear about how you shouldn’t invest a dollar into this… that you can’t afford to lose,” said FaZe Banks, a co-founder of the popular esports team FaZe Clan, in a statement posted on Twitter. “To suggest I would ever knowingly scam my following for a quick buck is unfair and simply not true.”

Banks’ post was in response to an altcoin called BankSocial, which he promoted through a giveaway in May. BankSocial rose in value right after Banks’ promotion and then promptly plummeted after many big early investors sold off. This is known as a pump and dump and it often leaves those who got in at the time of an influencers’ promotion at a loss of their investment.

A now-deleted tweet from…

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