Crypto influencer Eunice Wong was recently called out on Twitter for promoting a scam token. She reportedly did not disclose any association with the project.
After being called out, Wong apologized to her followers. In addition, she vowed to refund the money they had lost due to her promotion of the scam Thaddeus token.
Crypto Influencer Stirs the (Honey) Pot
On-chain crypto analyst ZachXBT pointed out that after being exposed previously for similar promotions, Wong continued to market the ‘Honey pot scam’ token. In June of 2022, she allegedly engaged in pump-and-dump trading of the Covesting COV token, and the community called her out.
In response to the latest debacle with THADDEUS, Wong tweeted an apology and promised to reimburse her followers who had lost money due to her tweets.
According to alleged victims @Davis_n7 and @GneriD, Wong has not responded to their requests for a refund at the time of writing. In response to Wong’s post, GneriD informed BeInCrypto that they had spent around $350 on the Thaddeus token and shared screenshots of the alleged transaction.
If new information becomes available regarding reimbursement, BIC will update the story.
The Blurry Lines of ‘Finfluencers’
Huy Bui, a different Twitter user, asserts to have gotten a reimbursement from Wong’s personal funds. However, it is unverified at press time without transaction information.
Meanwhile, there is a disagreement in the community on the subject of refunds. One side contends that investors should consider how risky trading is and undertake due diligence before making any investment decisions. The opposing view holds that Wong is responsible for failing to clarify how risky her advice was.
Recently, notorious social media figure Andrew Tate, a former professional kickboxer, mentioned a fictitious Sluts token in a tweet. Soon after, an unknown person made the token a reality. Rumors then surfaced about Tate’s possible covert involvement with the meme coin, alluding to a pump-and-dump scheme.
Many nations have started implementing regulations to stop and safeguard investors from the advice of crypto influencers. A few months ago, the Securities and Exchange Commission (SEC) penalized Kim Kardashian for failing to disclose a payment she received in exchange for endorsing a cryptocurrency asset on Instagram.
U.K. officials launched a campaign last month to warn these so-called ‘finfluencers’ against endorsing crypto frauds and get-rich-quick schemes. Both Australia’s and India’s SEBI promise stringent action for financial influencers for disclosure failures.
