August 5, 2021
Scam/Fraud

Inside the ‘Wild West’ of cryptocurrencies and social media influencers

In early June, when Brayden LeBlanc saw four influencers from the popular esports team FaZe Clan promote a cryptocurrency project, he thought he was about to make a safe and worthwhile investment. 

The project, a charity cryptocurrency token called Save the Kids, launched on June 5, and its creators promoted it as a way to make the world a better place. The members of FaZe Clan, who each have millions of social media followers, gave it the feeling of something new and exciting. LeBlanc, 21, from Saint John in New Brunswick, Canada, initially invested $94.

But hours after the cryptocurrency token’s launch, its value crashed. LeBlanc’s investment is now worth around $5.

“I feel like I’ve been played,” LeBlanc said. “These FaZe members are people that myself and millions of others look up to. We want to be like them.”

While the FaZe Clan members who promoted the token have since been removed or suspended by the team for…

Read full article here: www.nbcnews.com