Celebrities Meet Crypto Scams Through Promotions – Who Is the Middleman?

In recent months, a number of Hollywood celebrities have been involved in crypto scams, leading to concerns about the safety and legitimacy of digital currency investments. But have you ever considered how these celebrities end up endorsing the failing crypto project? How do they go about the crypto promotion projects? Who links decentralized finance with centralized entities, i.e., celebrities?
Celebrities found on the darker side of crypto promotions
One Twitter sleuth has established a connection between criminal activity, celebrities, and a celebrity marketer. ZachXBT, on-chain sleuth – Rug pull survivor turned 2D detective, reported that Raichu, also known as Ryan, has been the leader in people promoting crypto scams.
1/ Ever wonder who connected projects with the celebrities and influencers that promote crypto scams? Here’s a breakdown on one of the people doing it known as Raichu (Ryan). pic.twitter.com/uzrEZ1pAvX
— ZachXBT (@zachxbt) April 5, 2023
According to ZachXBT, Ryan Green is a celebrity marketer with extensive connections in the crypto ecosystem. His website shows that he has helped projects sell more than $15 million through marketing and promotion. However, many of these projects turned out to be blatant pump-and-dump schemes.
Over 50 examples of this type of fraud involve influencers and celebrities who did not disclose that the promotion was sponsored.
Raichu documents a great deal of these shady promotions on Instagram by posting them as highlights. For instance, he collaborated with the rapper Lil Xan on Baller Ape Club, which turned out to be a $2.6 million scam.
Interestingly, the US DOJ charged the BAC founder in June 2022 for wire fraud and international money laundering after the project was revealed to be a $2.6 million scam. A Vietnamese national, Le Anh Tuan, orchestrated the scam, promptly deleted the website, and stole the investors’ funds after its launch.
4/ EX 1: Here Raichu shows off a promotion he helped organize with rapper Lil Xan for the project Baller Ape Club (BAC)In June 2022 the BAC founder was charged by the US DOJ for wire fraud and international money laundering after the project turned out to be a $2.6m scam. pic.twitter.com/PmGTEtMLCm
— ZachXBT (@zachxbt) April 5, 2023
In another project, Green collaborated with rapper Rich The Kid on NFT Ancient Cats Club. Shortly after the project’s launch, the team rug-pulled and stole over $1.7 million. The same group is responsible for other NFT scams, such as Bored Bunny and Rich Dwarves Tribe.
Raichu collaborated with The Game and Dillon Danis to promote the Baby Dinger token, another scam. He also worked with Antonio Brown to promote the NFT project Vault of Gems, which vanished with more than $1 million just weeks after launch.
4/ EX 1: Here Raichu shows off a promotion he helped organize with rapper Lil Xan for the project Baller Ape Club (BAC)In June 2022 the BAC founder was charged by the US DOJ for wire fraud and international money laundering after the project turned out to be a $2.6m scam. pic.twitter.com/PmGTEtMLCm
— ZachXBT (@zachxbt) April 5, 2023
Thou shall not steal
Well, this is a commandment Ryan Green clearly does not live by. Ancient wisdom says; save a thief from the gallows, and he will cut your throat. Positive public opinion for particular celebrities has been the very saving grace Green rides on. The adorned admiration bestowed on celebrities has led many crypto investors to ruin.  
In response to the thread, ZachXBT stated that the complete list of projects is exhaustive. Over 50 examples of scams or pump-and-dump schemes are shared publicly with many celebrities and influencers without disclosing that it was a promotion. It’s unfortunate to see Raichu making money in this manner after leaving so many people destitute.
10/ It’s unfortunate to see him flex making money this way after leaving people in financial ruin.At what point does it become malicious when working with so many sketchy projects. pic.twitter.com/ZrHRMVACNP
— ZachXBT (@zachxbt) April 5, 2023
In recent years, influencer or celebrity marketing has become more prevalent. Brands and initiatives are increasingly seeking out social media influencers with large followings. Crypto is no exception in this regard. In several jurisdictions, this practice is strictly regulated. With clear disclosure of partnerships and sponsorships so as not to mislead consumers.
It is important to note that not all crypto projects are fraudulent or scams; there are many legitimate ones as well. However, before investing in any project, it is critical to conduct research and due diligence. Examine the team’s transparency and goals, read the whitepaper, and see if they have a working product or prototype.
 It’s also critical to avoid investing solely in hype or celebrity endorsements, as these could be paid advertisements that don’t necessarily reflect the project’s quality or legitimacy.
ZachXBT is a volunteer crypto detective. He has been fortunate enough to assist in forming multiple legal cases, allowing victims to find closure, and assisting with the recovery of assets for projects/individuals. However, he has recently expressed his desire to find a “sustainable business model.”