Social media influencers often draw criticism for promoting cryptocurrencies looking to take advantage of the hype around well-known virtual assets.
New cryptocurrencies have frequently been surfacing in the crypto market, and some of them vanish overnight after wiping off the money from investors.
If you are into social media, you might have often come across celebrities and influencers promoting one of the altcoins available in the market. An altcoin is an alternative cryptocurrency to Bitcoin, and there are plenty of altcoins available in the market.
Also Read: Should Canadians worry about the proposed Russia crypto ban?
At the beginning of this year, celebrity Kim Kardashian and professional boxer Floyd Mayweather were sued over allegations that they misled investors while promoting a lesser-known cryptocurrency called EthereumMax.
Now, a social media influencer named Ice Poseidon is under fire after it was alleged that he stole US$ 500,000 from fans through his crypto project, which is now abandoned.
What are the allegations against Ice Poseidon?
A Twitter user named Coffeezilla, who describes himself as an internet detective exposing scams, said that Ice Poseidon has admitted to taking the money from his fans through a crypto scam called CXCOIN.
The CXCOIN website described the project as a platform for streamers and content creators to receive support through virtual assets.
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