In a CNBC interview, Ben Armstrong, one of the most followed crypto influencers on YouTube, reveals the truth about influencers endorsing crypto projects. Despite his channel “BitBoy Crypto” amassing over 1.5 million subscribers, in January of this year, he realized that he had to stop with the crypto business, as it has led to some painful losses for his own viewers.
In the fall of 2020, he found himself in a partnership with a cryptocurrency company called DistX and he made more than $30,000 for a single endorsement and could make more than $100,000 per month.
Armstrong announced it was the coin he trusted the most, but in the end, the company rug pulled, which means they worked hard to raise the market cap and then disappeared. The coin is now down 99% and worth less than a penny.
However, other influencers are still swarming this market. According to CNBC, some influencers have received thousands of dollars to endorse dubious projects. An anonymous sleuth has posted a list on Twitter of 44 Youtubers and their earnings for promotional content. Some of these were paid up to $65,000 for a single promotional video.
With the rising interest in decentralized currencies and metaverse, more and more scams are emerging left and right and Youtube influencers have proven not to be immune to this either.
