Some residents of America, Canada, UK and Australia filed a $1 Billion class action lawsuit for conspiracy to commit fraud without disclosing compensation against ten crypto Youtubers:
- Ben Armstrong aka BitBoy Crypto
- Tom Nash
According to the lawsuit, the defendants presented themselves as "real-life consumers who share authentic and valuable information with their followers." Their behavior allegedly deceived their users and exposed them to huge loss of money due to the collapse of FTX. In the past, other celebrities have already had legal problems for promoting FTX, among which the most famous is the quarterback Tom Brady, together with his ex-wife Gisele Bundchen. Any legal proceedings are expected to take place in Florida. One such “crypto influencer”, BitBoy Crypto, quickly reacted on Twitter.
This is the video where he described FTT, the FTX's token, "absolutely phenomenal".
This is just one of the latest bad examples of these crypto gurus dispensing financial advice and then making people lose money. Korean crypto trader Satto lost over $800,000 during a live stream. He defines himself "Bitcoin korea no.1".
Satto is famous for making YouTube videos where he trades Bitcoin with high leverage, but this time it went wrong.
Should you learn cryptocurrency trading from this guy? No.
Should you listen to the advice of these so-called "crypto influencers"? No.
What is always the best choice? DYOR and don't listen to scoundrels.
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Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.
