By Hassan Mehmood (Saudi Arabia)
The colossal loss caused by Faze clan is the talk of the town. Many people are taking to social media to express their concerns about celebrities getting too much power among their followers. However, the impact of cryptocurrency advertisements and celebrity endorsements has gone out of the way. Many people with a massive following like Kim Kardashian are endorsing such scams.
Cryptocurrencies are digital ledgers where the transactions are saved with the help of coding. This type of security makes them a great store of value. However, there are more than 4000 variants of cryptocurrencies in the market at present. Just like many people, celebrities also do not necessarily have any idea about how they work and how to check them for legitimacy.
Scammers are Using Fake Celebrity Endorsements
There are all types of people in the world. The scammers are con artists who are good at manipulating people. These criminal masses are mostly found in places where there are many potential victims. This allows the scammers to target as many people as possible. Most people are saved from such scams as they do not feel safe, trusting strangers.
However, when a celebrity endorses any fake crypto scam, the barrier of distrust is removed from the equation. A lot of people let their guard down, and they can trust the scammers due to the agreement of their favorite stars. The people in a position of power only care about getting more brands to work with them. They are paid to make sure that as many people as possible interact with their brands. For celebrities and private channels, there are no check and balance systems for making sure that they stay within ethical boundaries.
The term decentralization finance or DeFi equates to giving perfect anonymity to the people who are present online. Gerard is an anti-crypto activist who thinks that virtual assets are the perfect place for scammers to hide and conceal their real identities. He claims that Bitcoin started as a tech gimmick that quickly found popularity. Ever since it was first introduced 12 years ago, it has been a favorite scamming tool for threat actors. He further added that the new generation of internet celebrities is not bound by any rules or regulations, and they are mostly free to perform indirect endorsements or promote scams. Cryptocurrencies are a sophisticated technology, and people need to get more educated about them first. However, the celebrity culture is turning the space into a cash grab and lifestyle choice.
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