Not just Mr. Beast! Even GaryVee is suspected of hyping Non-fungible Tokens, can't trust any KOL?

The celebrity controversy has caused another stir, with MrBeast and GaryVee suspected of manipulating the price of Non-fungible Tokens (NFTs).

In recent years, with the rise of the Non-fungible Token and Cryptocurrency markets, many celebrities have entered this emerging industry using their influence. However, internet celebrities MrBeast and Gary Vaynerchuk (GaryVee) were recently exposed for their alleged involvement in a 'speculation scheme' in the Cryptocurrency and Non-fungible Token markets, raising public concerns about whether their actions have harmed the interests of ordinary investors. The incident originated in May 2021 when GaryVee gifted MrBeast a valuable VeeFriends series Non-fungible Token called 'Gift Goat,' and MrBeast subsequently made multi-million-dollar purchases of VeeFriends Non-fungible Tokens. These series of actions caused a surge in the market price of VeeFriends, exposing retail investors to potential losses.

This incident was exposed by the Cryptocurrency monitoring agency TruthLabs. TruthLabs detailed a series of posts on X, pointing out that MrBeast's public buying behavior may have misled the public, leading to a brief surge in the price of the Non-fungible Token series. Although there is currently a lack of concrete evidence to show that the two deliberately manipulated the price, TruthLabs believes that the operating mode of MrBeast and GaryVee is similar to the traditional 'Pump and Dump' technique.

Image source: TruthLabs MrBeast and GaryVee were recently exposed for their alleged involvement in a "pump and dump scheme" in the Cryptocurrency and Non-fungible Token market.

Image Source: TruthLabs TruthLabs believes that MrBeast's public buying behavior may mislead the public

Blockchain data and manipulation doubts, TruthLabs conducts in-depth investigations on influence

In the events exposed by TruthLabs, the transaction records of MrBeast and GaryVee's Wallet became crucial evidence. The organization presented a series of blockchain data and Wallet screenshots, seemingly showing that MrBeast continued to engage in high-priced purchases and sales after receiving Non-fungible Token gifts. TruthLabs tracked these transaction records through blockchain technology and pointed out that many of the transaction parties had close connections with GaryVee's business partners, raising suspicions of organized price manipulation.

The data released by TruthLabs revealed many related transaction details, and quickly sparked in-depth discussions within the blockchain community and among analysts. Although these data cannot confirm whether MrBeast intended to influence the market price, his high-priced Non-fungible Tokens (NFTs) did attract a large number of investors, bringing a significant number of followers to the VeeFriends series. This has also raised questions about the digital ethics of KOLs - whether these celebrities with significant social influence should bear corresponding responsibilities. If KOLs with significant digital influence intentionally or unintentionally manipulate the price of Non-fungible Tokens, it will inevitably cause harm to the public.

Brand image is damaged, KOL frequently appears to have moral misconduct

For MrBeast, the controversy surrounding this hype is undoubtedly a further blow. In recent days, his team has been hit with a series of allegations of misconduct and workplace harassment, which has significantly tarnished his brand image. If the cryptocurrency hype allegations continue to escalate, it will deepen the negative perception of him in the public eye. With TruthLabs' investigation sparking heated discussions, investors and fans are beginning to be wary of the influence of KOLs in the cryptocurrency market. In recent years, digital celebrities have frequently been embroiled in ethical controversies surrounding cryptocurrency and non-fungible tokens, and this incident has become a tipping point, leading people to question whether KOLs can be trusted.

In addition to MrBeast and GaryVee, other cryptocurrency-related cases have also shown the potential risks of KOL in this industry. For example, Gustavo Rodriguez, who once vigorously promoted the mining and trading company IcomTech, was recently sentenced to 8 years in prison for conspiracy to commit telecommunications fraud. Rodriguez was accused of participating in a Ponzi Scheme that began in 2018, and he defrauded investors of over 8 million US dollars. This case, along with the related cases of former senior executives at FTX, former CEO of Celsius, and Mango Markets, reveals an increasing number of regulatory violations and criminal cases in the cryptocurrency industry.

These events not only expose the potential risks of the encryption market, but also shake the trust of investors in digital KOLs. As TruthLabs and other monitoring agencies continue to expose illegal activities in the encryption currency market, digital KOLs will face stricter scrutiny if they continue to use their influence to engage in unethical investment operations.

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