After a tough yr for the cryptocurrency business, crammed with bankruptcies and failed crypto corporations, American podcast host Joe Rogan and widespread YouTuber Stephen Findeisen, a.ok.a. Coffeezilla, mentioned the phenomenon of celebrities endorsing crypto scams, both knowingly or unknowingly.
Particularly, Coffeezilla famous that loads of celebrities supported the collapsed crypto change FTX and its founder Sam Bankman-Fried as a result of monumental “social proof” that “overwhelms your alarm bells,” as he informed Rogan throughout his Joe Rogan Expertise podcast streamed on March 7.
Social proof
Based on the YouTuber, this included a mix of issues:
“First of all, it’s this guy who drives a Toyota, so you go like, ‘well, why does he need to scam me if he’s driving a Toyota?’ Then it’s like, ‘okay, Tom Brady backs him, Tom Brady’s got to have some guys who are looking into this,’ and then it’s like, ‘well, BlackRock backed him, BlackRock definitely has some guys who looked into it,’ right? And Sequoia Capital said he might be one of the first trillionaires, (…) they think he’s such a genius.”
As Findeisen additional defined, evaluating the state of affairs with Bernie Madoff, “a lot of these people backed Sam with the highest endorsements, and if you’re just an average person, you’re thinking, ‘well, how much more due diligence can I do than all these other guys?’ All these other guys buy into him, and then they themselves are also looking at each other. (…) So you kind of think you’re swimming safely with other savvy investors, and that’s what ultimately gets you to buy in.”
Drawback of accountability
In the meantime, Coffeezilla and Rogan additionally mentioned American media character and wrestler Logan Paul and the allegations of him scamming the traders within the crypto mission Cryptozoo, to which Paul threatened to sue Findeisen. Though the wrestler apologized and promised to refund the traders, Coffeezilla stated it had been ‘radio silence’ ever since.
“What I’m ultimately looking for is some accountability from these guys. They’re happy to make money (…) from these different projects they’re spinning up, but the second accountability is asked for, you can’t reach them.”
As a reminder, the YouTuber investigates on-line scams and has beforehand uncovered Celsius ex-CEO Alex Mashinsky dumping CEL tokens throughout crypto wallets, in addition to unearthing an alleged plot by non-fungible token (NFT) scammers who may have probably made $20 million in a doubtful mission, and drawing consideration to SBF unintentionally describing a Ponzi scheme months earlier than the broadly publicized crash.
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