The Dark Side Of Crypto Promotions: Influencers And 50+ Scams Uncovered

ZachXBT, on-chain sleuth – Rug pull survivor turned 2D detective, reported that Raichu, also known as Ryan, has been one of the people promoting crypto scams.

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 his website, he claims to have helped sell out over $15 million for projects through marketing and promotions. However, many of these projects turned out to be outright rug pulls or pump and dumps.

Raichu publicly documents a lot of these sketchy promotions on his Instagram account by posting them as highlights. For example, he worked with rapper Lil Xan for the project Baller Ape Club, which turned out to be a $2.6 million scam.

He also worked with rapper Rich The Kid for the project Ancient Cats Club, which stole over $1.7 million shortly after launch. Raichu worked with The Game and Dillon Danis to promote Baby Dinger token, another scam, as well as with Antonio Brown to promote the NFT project Vault of Gems, which disappeared with over $1 million just weeks after launch.

Following the thread, ZachXBT said the full list of projects is exhaustive. Over 50 examples of scams or pumps and dumps are publicly shared with many influencers and celebrities, not disclosing it was a promotion. It’s unfortunate to see Raichu making money this way after leaving people in financial ruin.

It’s important to note that not all crypto projects are fraudulent or scams, and many legitimate ones exist. However, doing your research and due diligence before investing in any project is crucial. Look for transparency in the team and their goals, read the whitepaper, and see if they have a working product or prototype. It’s also essential to avoid investing solely based on hype or celebrity endorsements, as these could be paid promotions that don’t necessarily reflect the project’s quality or legitimacy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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