Little RECOGNIZED TO Many Investors, Cryptocurrency Reviews Are For SaleOn by
NEW YORK, Nov 27 (Reuters) – When cryptocurrency issuers want positive coverage for his or her virtual coins, it is bought by them. Self-proclaimed social media personalities charge thousands for video reviews. Research houses accept payments in the cryptocurrencies they are analyzing. Rating “experts” will grade anything favorably, for a cost. All this is common, according to more than two dozen people in the cryptocurrency documents and market reviewed by Reuters. 3 million online in late 2017. Chief Executive Dmytro Budorin and his team identified a list of almost 200 cryptocurrency social press personalities they thought may help them, he said.
7,500 for Christopher Greene, host of Alternative Media Television – a YouTube route with an increase of than 500,000 clients – to review its gold coin in a video, Budorin informed Reuters. In the video – which includes more than 92 Nowhere,000 views – is Hacken’s payment to Greene mentioned. Greene, who used to work for wealth management company Merrill Lynch, directs audiences in the first minute of the video to a disclaimer on his website that claims he “may get compensation for products and services” that he recommends.
There is no specific reference to Hacken, or any specific cryptocurrency issuers, paying him. Greene did not respond to phone and emails messages from Reuters requesting about his work for Hacken. Some public people paid attention. The token’s price has since fallen by more than 75 percent to 36 cents. Zurawel told Reuters in Twitter text messages that he lost much of his initial investment, well worth several hundred dollars.
He said he was not aware that Greene was covered his Hacken video, but he shrugged off the poor performance of the currency. Budorin informed Reuters he regarded that the company´s payment to Greene and other YouTube reviewers were “unethical.” Video reviews “should be either finished with (a) sponsored tag or limited to tasks that (the) reviewer individually facilitates,” he said.
Hacken´s approach exemplifies a pay-for-play hype machine that churns out recommendations viewed by hundreds of thousands of hungry investors. Few analysts or experts disclose their own holdings of the digital resources, which so have been around in a regulatory gray area significantly. 830 billion in the beginning of the year. That has not stopped the hype machine humming. So-called “influencer marketing” is common on social media, where celebrities and more tout anything from shoes to cars. Also common in these plugs is a lack of disclosure, which might mean the customer is unaware of a conflict of interest. When it however involves cryptocurrencies, stricter rules may apply. In July 2017, the U.S.
The SEC issued a more specific caution about promotion of online fundraisers known as initial gold coin offerings (ICOs) on Nov. 1 last year. SEC said in a public statement posted on its website. Failure to take action is a violation of anti-touting provisions of federal government securities laws, and could also be scams, the SEC said. The SEC has not issued determinations on which cryptocurrencies it respect as securities. But the agency has brought enforcement actions against twelve roughly companies connected to ICOs, a few of which the agency has identified as unregistered securities offerings, and therefore at the mercy of its legislation. The SEC has not targeted outside promoters of currency offerings.
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Its warning in November 2017 – close to the height of the crypto frenzy – by itself has led to a “dramatic drop” in superstar endorsements of ICOs, the SEC’s co-director of enforcement, Stephanie Avakian, said in September. The SEC dropped comment to Reuters because of this entire story. Nevertheless, a huge selection of self-styled cryptocurrency experts have emerged over the past 18 months, and their activity somewhat has declined only. Nowadays there are more than 2,000 cryptocurrencies vying for attention, all promising riches to investors.
The vacuum of hard facts on new currencies has still left investors vulnerable to hype and bad advice. Larry Cermak, head of evaluation at cryptocurrency news and research website The Block. Cermak said he will not own any cryptocurrencies and has advertised any never. ICObench is one of the most popular websites listing and rating ICOs. Its pages are among the very best hits in virtually any Google search for a specific crypto project and the word ICO, making it a key site for currency operators to seem on. Ratings on the roughly 15-month-old website are produced by unpaid “experts” who approved the website’s background-check process, ICObench chief executive Maxim Sharatsky informed Reuters.