Crypto trader donates US$100,000 to YouTuber fighting defamation suit
Crypto trader Cobie has donated US$100,000 to YouTuber Erling Mengshoel “Atozy” to fight a lawsuit filed against him by Ben Armstrong “BitBoy Crypto”.
See related article: Crypto ‘finfluencers’ are attracting a new following — of regulators
In a Twitter post, Atozy said he was being sued by BitBoy Crypto for a video Atozy made about how he promoted a project named PAMP.
BitBoy is one of the most-watched crypto influencers on YouTube, with over 1.4 million subscribers to his YouTube channel and more than 213 million total views of his videos.
Atozy had called Bitboy a “shady dirtbag who milks his audience for a quick buck rather than giving them genuine advice.”
However, during his livestream on Wednesday, Bitboy said he will be dropping the lawsuit against Atozy.
In response, Atozy said on Twitter that he will refund everyone’s donation once he has an official confirmation. In less than 24 hours, Atozy said he had raised about US$200,000.
According to a CNBC report, some influencers on social media platforms are minting money from promotional videos they make for various cryptocurrency projects, many of which happen to be fraudulent firms. Influencers sometimes did not disclose that they were part of a paid sponsorship programme, which led their viewers to make risky investments.
See related article: Fan friction: What’s keeping influencers and artist communities from Web3?