ICOs use paid-for reviews to attract additional investors

ICOs use paid-for reviews to attract additional investors

Despite 2018 doing a rough one regarding its influence on the crypto market, it hasn’t appeared to change the businesses of using sponsored cryptocurrency reviews, Bitcoin.com details.

Ukranian startup Hacken partnered with social media influencers to support their ICOs earlier this year. According to Hacken’s CEO, Dmytro Budorin, the company launched an extended promotional campaign that utilized social media to reach mainstream investors that made them $3 million last year.

Hacken spent $7,500 to Christopher Greene, an Alternative Media Television (AMT) host for his analysis of an ICO to his followers. Greene was allegedly chosen out of a list of 200 leading crypto social media icons. He made a 25-minute video in which he asserted that Hacken was a “huge market event” that had the potential of “1,000x returns.” Additionally, Greene doesn’t explicitly state that he accepted payment for his review, aside from a disclaimer on his website that shows the “may have received compensation for goods and services.”

Head of the division at The Block, Larry Cermak showed concern over paid reports, stating, “The main reason why so several inexperienced people invest in bad crypto schemes is that they listen to advise from a so-called master.” Many new crypto investors “understand they can take this information at face value even though it is often false, intentionally misleading or conflicted.”

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