Canadian YouTuber Cody Ko has released his latest YouTube video titled ‘The new influencer scam’ that highlights the growing rise of NFTs and crypto currencies that have further led to influencers indulging in scams to trick their followers.
Ko reveals that influencers usually mention disclaimers such as “This is not financial advice” but on the contrary give out financial advice by promoting newly launched crypto currencies as the next Bitcoin:
“Anytime you see someone promoting those coins and you buy into it, you’re probably getting scammed…and the absolute biggest red flag is when someone promoting it writes ‘not financial advice’ on their story. I see it all the time now”.
In addition to this, Ko shared an example of Barstool’s Dave Portnoy where Portnoy revealed that he had invested $40,000 into the crypto Safemoon and further promoted it to his followers under the caution of “not financial advice”.
Ko urges viewers to invest in crypto currencies wisely and be aware of scams since it could lead to incurring huge losses.