Now that the crypto domain is gaining traction among all sorts of investors, up and coming tokens are looking for trustworthy faces to promote them. However, not all the crypto projects that are started are reliable, and quite often, the influencers they hire to promote their content aren’t entirely genuine either.
This model has led to a myriad of crypto influencer schemes in which influencers promoted a cryptocurrency that they don’t have any experience in, which misled their followers. One such example is that of IShowSpeed, who is facing criticism for promoting a crypto scam. Let’s unpack the details.
Promoting Paradox Metaverse Pump and Dump
In November 2022, popular YouTuber and streamer IShowSpeed promoted a cryptocurrency called Paradox Metaverse during one of his streams. Since then, he has been at the center of immense controversy.
During the stream, fans noticed that he was wearing merch with the company’s logo on it, and he even placed different advertisements in the room. The Ronaldo superfan even brought in a Christiano Ronaldo impersonator, who wore a t-shirt that encouraged viewers to buy the token.
He gave a shout out to Paradox Metaverse, who had sponsored the stream, and went as far as promote it. Unfortunately, the cryptocurrency has been accused by many people in the crypto community for having a problematic business model.
In fact, many have explained how it has many indicators of being a pump and dump scheme. This was pointed out by a well-known scam detective known Coffeezilla, who also confronted the project developers via a livestream. Later on, he went on to release a video to mention how it’s a concern.
Selling a Quick-Rich Scheme to Followers
In his stream, Coffeezilla confronted the Paradox Metaverse scammers in what turned out to be a two-hour long debate. During this conversation, Coffeezilla and other viewers were able to discern that the project is, for the most part, a Ponzi scheme.
This is because of the affiliate marketing ploys that require influencers to get other people to promote the cryptocurrency, and so on. Consequently, the model entirely depends on people marketing it to each other in an effort to get paid.
To make matters worse, Paradox Metaverse advertised on the website that users would get 100 times the returns on their investments.
He explained how it was completely irresponsible for the cryptocurrency to be advertising the potential of making ten-times the return on an investment, much less a 100x. In his words, he called it a get-rich-quick scheme that gives users the illusion of funneling money into a supposed investment and getting hundred times the return.
Deleting the Stream and Giving an Apology
After the stream, there was increased backlash against the streamer. Realizing that he had made a terrible choice and decided poorly, he tweeted an apology to his followers while explaining that he isn’t a scammer. In a stream, he spoke about the incident and admitted that he made a bad choice by promoting the cryptocurrency. Sure, this had the intended effect of pacifying his fanbase, some people still criticized him.
Even after his apology, outlets and social media platforms continued posting content that called him out. Consequently, he ended up deleting the video of the livestream. The move stirred up quite a bit of controversy among well-renowned streamers. Regardless of whether IShowSpeed can be labeled a crypto scammer, such a move is definitely suspicious.
All in all, Paradox Metaverse is a highly suspicious cryptocurrency project that is based on the principles of ponzinomics. And IShowSpeed was very irresponsible to promote the token without doing some research on it. Although he did apologize, he deleted the stream instead of letting it remain on the platform.
This is a common move pulled by many crypto scammers who don’t plan on learning from their mistakes. While IShowSpeed certainly has some of the traits of a crypto scammer, only time will tell whether he has learned anything from the ordeal.