Cody Ko shames influencers for \u201cscamming\u201d followers into cryptocurrencies YouTube, Cody KoIn the wake of relentless drama and intrigue surrounding crypto, influencer Cody Ko has called out fellow celebrities for exploiting their fans to secure easy cash in \u2018pump-and-dump\u2019 schemes. Dubbing it \u201cthe new influencer scam\u201d and likening it to the rise (and fall) of NFTs, Cody Ko thinks celebrities are abusing their fame to make quick bucks off of crypto-hungry followers. No one wants to miss out on the next Bitcoin or Dogecoin, and that\u2019s exactly what Ko believes influencers are preying on. Past Elon Musk, whose prominence has shifted the tides of cryptocurrencies \u2014 especially Dogecoin \u2014 on numerous occasions, Ko believes others are \u201cscamming\u201d their audiences. In an extensive YouTube video, the former Vine star, current YouTuber and all-around internet personality decided to lambast all social media figures engaged in suspicious crypto financial advice. And, above all else, he\u2019s most concerned about those prefacing their recommendations with \u201cnot financial advice\u201d disclaimers. While Ko acknowledges the merits of crypto and has no qualms with Bitcoin or even the \u2018anti-crypto,\u2019 newly legitimized Dogecoin, he does have reservations. To summarize his concerns, the YouTuber thinks that other influencers are promoting riskier currencies, knowing full well that they can afford the risks and make a quick buck in the process. This is \u201cshady\u201d behavior that he believes is \u2018ripping off\u2019 and \u201cscamming\u201d susceptible followers \u2014 who likely don\u2019t have the same financial safety nets. One example Ko uses is Barstool\u2019s Dave Portnoy, who encouraged people to buy Safemoon while cautioning that he wasn\u2019t technically giving financial advice. Ko doesn\u2019t believe the \u201cnot financial advice\u201d argument won\u2019t stand up in court should the SEC (in his eyes, rightly) intervene. And the point is reasonable. Cryptocurrencies present novel territory, as celebrities can instantly manipulate the market and boost value simply by using their platform to talk (or just meme) about their current crypto of choice. In the Portnoy example, Safemoon immediately jumped in price after he essentially advertised it and told fans that he had pumped $40,000 into the cryptocurrency. Even if the Barstool founder didn\u2019t believe in Safemoon\u2019s actual longevity, he could easily buy a lot, talk about it a bunch, and then immediately sell for an enormous profit \u2014 all at the expense of followers who bought in and drove its value higher. For Ko, this behavior by influencers is a misuse of their influence. He\u2019s a fan of cryptocurrencies, but not of celebrities using crypto to exploit their fans.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cody Ko shames influencers for \u201cscamming\u201d followers into cryptocurrencies YouTube, Cody KoIn the wake of relentless drama and intrigue surrounding crypto, influencer Cody Ko has called out fellow celebrities for exploiting their fans to secure easy cash in \u2018pump-and-dump\u2019 schemes. Dubbing it \u201cthe new influencer scam\u201d and likening it to the rise (and fall) of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-46032","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/46032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/comments?post=46032"}],"version-history":[{"count":0,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/posts\/46032\/revisions"}],"wp:attachment":[{"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/media?parent=46032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/categories?post=46032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dejan.au\/index.php\/wp-json\/wp\/v2\/tags?post=46032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}