Over 100 Crypto Influencers Fail to Disclose Ads

Blockchain investigator ZachXBT has uncovered evidence that more than 100 crypto influencers neglected to disclose paid promotions on their social media accounts. On Monday, he released a spreadsheet listing over 200 crypto influencers contacted for a token promotion, revealing that less than five of approximately 160 participants labeled their posts as advertisements. The documents shared on onX provide pricing details per post, ranging from hundreds to five-figure sums, along with Solana wallet addresses for payments and links to on-chain transaction receipts. The Block reached out to several influencers named in the document for their comments. Undisclosed paid promotions are a significant issue in the crypto sector, where influential figures profit from low-traded tokens. The U.S. Federal Trade Commission mandates that influencers clearly disclose material relationships with brands or projects in their posts. Non-compliance can lead to regulatory scrutiny and may mislead investors, who might confuse paid content with unbiased analysis. ZachXBT's findings contribute to ongoing concerns about the integrity of the crypto market regarding promoted cryptocurrencies and new launches, where manipulated promotions, low liquidity, and scant disclosures result in substantial losses for retail investors following fleeting price increases.