Finance influencers who hyped up FTX and BlockFi are facing angry fans
Happy Wednesday, readers! Jordan Parker Erb here, reporting to you from New York.
Today, we’ve got a look at what happens when influencers promote a business that eventually comes crashing down around them. In the case of finance influencers who hyped up FTX and BlockFi to their subscribers, the result is a lot of unhappy, skeptical former fans.
It’s yet another layer in the already messy crypto meltdown unfolding right now. We break it all down below.
Let’s get started.
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Founder salaries have decreased in the market downturn, with 5% declines in locations like the Bay Area and LA. Daniel Grizelj/Getty Images© Daniel Grizelj/Getty Images Founder salaries have decreased in the market downturn, with 5% declines in locations like the Bay Area and LA. Daniel Grizelj/Getty Images
1. As prominent crypto platforms topple, financial influencers face anger and skepticism. BlockFi has filed for Chapter 11 bankruptcy. FTX is dealing with the fallout of a spectacular implosion. Now, the finance influencers who promoted these companies on social media are feeling the heat.
On YouTube, financial influencers have built loyal followings by sharing financial advice and actively promoting companies like FTX and BlockFi. As the companies crumble, those influencers are facing skepticism and backlash from fans.
Fans are calling out creators for not addressing the crypto chaos fast enough. Some of crypto influencer Andrei Jikh’s 2 million subscribers are demanding more accountability, leaving dozens of comments under his most recent Instagram post calling him a “scammer.”
Crypto firms worked with dozens of celebrities and influencers on paid partnerships; FTX, for example, poured millions of dollars into deals with star athletes like Tom Brady and the MLB.
Read the full story here.
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Anna Kim/Insider© Provided by Business Insider Anna Kim/Insider
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