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New York Post
18-05-2025
- Business
- New York Post
Get rich quick crypto ‘gurus' are targeting teens and fleecing them through ‘rug pulling'
Cryptocurrency titans make it seem easy for anyone to get rich off digital coins, and anyone who isn't making millions in their free time is wasting an opportunity. Crypto really is the financial Wild West. There are almost no regulations or rules in digital coins as there are on the real-world currency exchanges and stock markets. That makes it all too easy for everyone from hardened criminal gangs to petty grifters to take advantage of anyone they can reach. All too often, this comes in the form of a friendly face and the well-worn promise that you can ' get rich quick.' To anyone over 30, those three words will immediately set off alarm bells. But in today's TikTok and Instagram-driven world of influencers and finfluencers (the financial 'advice' equivalent), they have flashy new ways of dressing it up. The latest vehicle for roping people, all too often younger men and teenagers, is are so-called meme coins. Created from thin air with names which appeal to the public – playing off celebrities, politicians, trends or grabby mascots – they make big money for their creators and the influencers who peddle them, but usually nothing for those who invest. 'The easiest way to make money is to deploy a meme coin, run it and then sell as soon as you see [profits],' Sahil Arora, who's launched over 100 of these coins and claims he's earned millions, told The Post. 12 12 The crypto security firm Blockade says most of the meme coins are scams, designed to have no lasting value. Like others of his ilk, straight-talking Arora profits through a process known as 'rug pulling.' A coin is issued, prices rise quickly as people invest, then Arora, who, as the creator, keeps a large percentage of the coins, sells at or near the currency's height. 12 He makes money; those who have put money into the coin lose; he essentially 'pulls the rug out' from under them. 'This is the biggest casino on Earth right now,' enthused Dubai-based Arora, who bragged about being called a 'super villain.' 'If you don't get rugged by me, you're probably going to get rugged by someone else. So, you might as well get rugged by a person with a track record of some success rather than getting rugged by a random person on the Internet,' he bafflingly claimed. 12 Other, more recognizable influencers who have faced allegations of promoting meme coins and then leaving followers high and dry include Paul 'Ice Poseidon' Denino, Faze Kay, and Haliey 'Hawk Tuah Girl' Welch. Denino has been accused of promoting a coin and walking away with $300,000, which his followers invested. He said, 'I did make $300,000, but it was not at the expense of any fans or holders.' Faze Kay is one of several influencers accused of promoting a pump-and-dump scheme for a token called Save the Kids. He tweeted that he had 'no ill intent promoting any crypto alt coins.' Welch achieved quick fame as the Hawk Tuah Girl and had her name attached to a crypto that earned millions for so-called 'snipers'. These are people who use bots to monitor the rise of a meme coin and sell as soon as it is close to peaking. Welch's coin $HAWK lost 95% of its value in minutes. According to Welch's manager, she had no involvement in the scheme. To back it up, he pointed out she was cleared of any wrongdoing by the SEC and other government agencies, and she is also not named in a class action lawsuit against the coin's operators. While crypto is a growing industry and there are genuine alternative currencies like Bitcoin and Ethereum, which have stabilized and held their value, many more are just scams. 'You get 'influencers' who are given [crypto] tokens in exchange for promoting them,' Kyle Chassé, a veteran crypto investor who will be appearing on an upcoming streaming show, 'CryptoKnights,' told The Post. 'It should always be disclosed that these people are being paid to promote the coin. But not everybody has the moral compass to do that.' People who follow the influencers see them promoting a coin and buy into promises that it will 'go to the moon' – crypto speak for gaining huge amounts of value. 'Everyone anticipates the price going up, and it does, because there is a big [group of people] buying into it,' a crypto consultant who goes by the name Cryptony (who asked that his real name not be used) told The Post. 'The rich get richer,' said Cryptony. 'For one person to make money, another person has to lose money. That's where it comes from.' 12 But, he added, 'some influencers are using these opportunities to build up their brand, rather than purely to make money from meme coins.' Aiming for the young and naïve, 'there's an entire class of influencers who have built their entire net worth and become very wealthy by essentially showing off a lifestyle: Their private jets, their fancy cars,' said Chassé. 'They're saying, 'Yeah, if you just watch my channel, you can be like me.'' Anyone can even launch their own coins for a few hundred dollars via platforms such as Such was the case for one teenager who launched three coins on the platform and made $50,000 in less time than it would take to sit for a geometry exam. 12 But he did it through executing 'a hard rug pull' — in anyone else's language, scamming. While young men seem most susceptible to all this, as crypto investor Charlene Woods told The Post, 'They don't care how old you are. They're robbing people they don't meet and never looking them in the eye. If they did, it might weigh on their conscience.' Glenn Titus, a 41-year-old butcher from Oregon, can relate. He invested in multiple coins that have been rugged. 'There were some I lost hundreds on,' he told The Post. In the former scenario, he explained, 'People [online] make it sound good, and the price keeps going up. Then suddenly you can't sell what you have. They pretty much clean out the money and everybody's screwed.' 12 Acknowledging that he can't do anything except be more careful in the future, Titus admitted, 'I'm pretty pissed off, honestly.' Now, he said, 'I stick with the Bitcoin kind of stuff.' Among the red flags to look for, according to Chassé, are those who show off their wealth online. 'You have to wonder where the money came from,' he said.
New York Post
17-05-2025
- Business
- New York Post
Get rich quick crypto 'gurus' are targeting teens
Cryptocurrency titans make it seem easy for anyone to get rich off digital coins, and anyone who isn't making millions in their free time is wasting an opportunity. Crypto really is the financial Wild West. There are almost no regulations or rules in digital coins as there are on the real-world currency exchanges and stock markets. That makes it all too easy for everyone from hardened criminal gangs to petty grifters to take advantage of anyone they can reach. Advertisement 12 According to the crypto security firm Blockade, most meme coins are scams. Mike Guillen/NY Post Design 12 Sahil Arora has launched over 100 meme coins and, he says, he has earned millions of dollars. @sahilsays/Instagram All too often, this comes in the form of a friendly face and the well-worn promise that you can 'get rich quick.' To anyone over 30, those three words will immediately set off alarm bells. But in today's TikTok and Instagram-driven world of influencers and finfluencers (the financial 'advice' equivalent), they have flashy new ways of dressing it up. Advertisement The latest vehicle for roping people, all too often younger men and teenagers, is are so-called meme coins. Created from thin air with names which appeal to the public – playing off celebrities, politicians, trends or grabby mascots – they make big money for their creators and the influencers who peddle them, but usually nothing for those who invest. 'The easiest way to make money is to deploy a meme coin, run it and then sell as soon as you see [profits],' Sahil Arora, who's launched over 100 of these coins and claims he's earned millions, told The Post. 12 Crypto millionaire Sahil Arora is upfront about rug pulling and walking away with hefty profits. Courtesy of Sahil Arora Advertisement 12 Sahil Arora told The Post that people call him a 'super villain.' Courtesy of Sahil Arora The crypto security firm Blockade says most of the meme coins are scams, designed to have no lasting value. Like others of his ilk, straight-talking Arora profits through a process known as 'rug pulling.' A coin is issued, prices rise quickly as people invest, then Arora, who, as the creator, keeps a large percentage of the coins, sells at or near the currency's height. Advertisement 12 Cryptony, the online user name of a crypto consultant, told The Post that 'the rich get richer' with meme coins. Courtesy of cryptony He makes money; those who have put money into the coin lose; he essentially 'pulls the rug out' from under them. 'This is the biggest casino on Earth right now,' enthused Dubai-based Arora, who bragged about being called a 'super villain.' 'If you don't get rugged by me, you're probably going to get rugged by someone else. So, you might as well get rugged by a person with a track record of some success rather than getting rugged by a random person on the Internet,' he bafflingly claimed. 12 Paul 'Ice Poseidon' Denino has been accused of promoting a meme coin that left investors high and dry. he said it was 'not at the expense of fans or holders.' @ice_poseiden/Instagram Other, more recognizable influencers who have faced allegations of promoting meme coins and then leaving followers high and dry include Paul 'Ice Poseidon' Denino, Faze Kay, and Haliey 'Hawk Tuah Girl' Welch. Denino has been accused of promoting a coin and walking away with $300,000, which his followers invested. He said, 'I did make $300,000, but it was not at the expense of any fans or holders.' Faze Kay is one of several influencers accused of promoting a pump-and-dump scheme for a token called Save the Kids. He tweeted that he had 'no ill intent promoting any crypto alt coins.' Advertisement 12 Faze Kay said that he had 'no ill intent promoting any crypto alt coins.' Welch achieved quick fame as the Hawk Tuah Girl and had her name attached to a crypto that earned millions for so-called 'snipers'. These are people who use bots to monitor the rise of a meme coin and sell as soon as it is close to peaking. Welch's coin $HAWK lost 95% of its value in minutes. According to Welch's manager, she had no involvement in the scheme. To back it up, he pointed out she was cleared of any wrongdoing by the SEC and other government agencies, and she is also not named in a class action lawsuit against the coin's operators. Advertisement 12 Haliey 'Hawk Tuah Girl' Welch was cleared by the SEC of any wrongdoing. Anadolu via Getty Images While crypto is a growing industry and there are genuine alternative currencies like Bitcoin and Ethereum, which have stabilized and held their value, many more are just scams. 'You get 'influencers' who are given [crypto] tokens in exchange for promoting them,' Kyle Chassé, a veteran crypto investor who will be appearing on an upcoming streaming show, 'CryptoKnights,' told The Post. 'It should always be disclosed that these people are being paid to promote the coin. But not everybody has the moral compass to do that.' Advertisement 12 Kyle Chassé, a veteran crypto investor, advises being wary of influencers who are touting too many coins. Courtesy of kyle chasse People who follow the influencers see them promoting a coin and buy into promises that it will 'go to the moon' – crypto speak for gaining huge amounts of value. 'Everyone anticipates the price going up, and it does, because there is a big [group of people] buying into it,' a crypto consultant who goes by the name Cryptony (who asked that his real name not be used) told The Post. 'The rich get richer,' said Cryptony. 'For one person to make money, another person has to lose money. That's where it comes from.' Advertisement 12 Glenn Titus, a butcher in Oregon, learned his lesson after losing money in meme coins. Courtesy of Glenn Titus But, he added, 'some influencers are using these opportunities to build up their brand, rather than purely to make money from meme coins.' Aiming for the young and naïve, 'there's an entire class of influencers who have built their entire net worth and become very wealthy by essentially showing off a lifestyle: Their private jets, their fancy cars,' said Chassé. 'They're saying, 'Yeah, if you just watch my channel, you can be like me.'' Anyone can even launch their own coins for a few hundred dollars via platforms such as Such was the case for one teenager who launched three coins on the platform and made $50,000 in less time than it would take to sit for a geometry exam. 12 Crypto investor Charlene Woods believes that the anonymity of rug pulling makes it easier for people to do. @Charlenewoods/Instagram But he did it through executing 'a hard rug pull' — in anyone else's language, scamming. While young men seem most susceptible to all this, as crypto investor Charlene Woods told The Post, 'They don't care how old you are. They're robbing people they don't meet and never looking them in the eye. If they did, it might weigh on their conscience.' Glenn Titus, a 41-year-old butcher from Oregon, can relate. He invested in multiple coins that have been rugged. 'There were some I lost hundreds on,' he told The Post. In the former scenario, he explained, 'People [online] make it sound good, and the price keeps going up. Then suddenly you can't sell what you have. They pretty much clean out the money and everybody's screwed.' 12 Sahil Arora views meme coins as the biggest casino in the world. Courtesy of Sahil Arora Acknowledging that he can't do anything except be more careful in the future, Titus admitted, 'I'm pretty pissed off, honestly.' Now, he said, 'I stick with the Bitcoin kind of stuff.' Among the red flags to look for, according to Chassé, are those who show off their wealth online. 'You have to wonder where the money came from,' he said. Multiple people who spoke to The Post made clear that meme coins are the equivalent of gambling. However, said Chassé, 'at least in the casino, you know that maybe 60 percent of the time the house wins. In this [crypto] casino, the house is going to win 99 percent of the time.'
Wamda
21-04-2025
- Business
- Wamda
Community-led commerce fuels MENA's shopping shift
An article by Irina Tatarinova, Brand Director at Flowwow From Instagram-driven shopping to WhatsApp business groups, businesses are redefining how consumers interact, shop, and stay loyal, building communities. The studies show that 70.4% of brands are running communities to directly speak with their customers. Therefore, brands are entering the era of community commerce, a predicted $6.2 trillion market by 2030 that combines social engagement with e-commerce. This article explores how brands across MENA are already successfully leveraging community-driven commerce and provides actionable strategies for businesses looking to tap into this growing movement. User-Generated Content: How to Convert Your Customers Into Brand Ambassadors Research shows that creator content is found to be twice as credible and relatable as branded content, with the creators' authenticity and relatability having a positive impact on content recall. For instance, 81% of consumers say they trust user-generated videos more than professionally created brand content or influencer marketing, and 85% think they rely on UGC videos before making a purchase. Users trust recommendations from other users, which is why it's important to inspire customers to share genuine recommendations and reviews, turning them into brand ambassadors Thus, brands can encourage customer engagement in the shopping process and pay attention to social media mentions and posts about their brand. When you acknowledge and support this organic interaction, your audience will appreciate it and keeps coming back. As a result, it will lead to new users as well as repeat purchases. Sephora's community strategy revolves around engagement, education, and loyalty, transforming customers into brand ambassadors via user-generated content. As a component of Sephora's loyalty program, the 'Beauty Insider community' invites members to post reviews, product recommendations, and beauty tips. Features such as the Beauty Board enable consumers to post images that highlight the brand's products, creating genuine peer-driven marketing. Furthermore, Sephora uses expert boards and live Q&A sessions to unite beauty professionals and enthusiasts. This strategy creates valuable content, builds stronger relationships, and boosts Sephora's reputation as a leading beauty brand. Create Community Spaces With Exclusive Content One of the most effective ways brands are building strong communities is through exclusive content and real-time engagement in private groups on platforms like WhatsApp. What once started as a marketing tool has now transformed into an exclusive space where shoppers can interact, exchange ideas, and find others who think like them. Live community support builds trust and brand loyalty, making customers feel valued and part of something special. Furthermore, they can turn into powerful, organic drivers of repeat purchases and long-term engagement. Flowwow uses this approach by building a strong community of sellers, encouraging interactions, and creating an environment for growth by providing a platform where MENA local florists, bakers, and artisans can present their offerings and gifts. It's an opportunity for sellers to interact, exchange experiences, and offer product feedback in the marketplace—to grow business revenue, attract new partners, and build a strong network of entrepreneurs. The Power of Live Shopping and Community Commerce Brands have a giant opportunity to tap into the tools social media platforms already offer to bring their community commerce strategies to life. Such features as live shopping, interactive Q&A sessions, and influencer collaborations create a more engaging, real-time shopping experience, which surely builds a connection with customers. This strategy works particularly well with younger audiences; according to research, 64% of Gen Z and millennials have bought something on social media in the previous 12 months. As an example, TikTok has launched a Live Shopping revolution, transforming e-commerce in a new way. The platform allows creators and small businesses to sell products directly to an engaged audience, so brands can generate millions in sales within hours using TikTok Shop and live events. Here's a case that shows how to transform online shopping into something more engaging: Namshi. They've taken Instagram Live and turned it into an interactive shopping experience. While shoppers scroll Instagram, they see influencers trying on clothes, answering questions, and sharing real-time recommendations. This strategy created a new, interactive, real-time online shopping experience. Customers can now buy products they like immediately. Influencer recommendations result in higher sales and greater trust for the brand. It's a perfect example of how influencer marketing and live shopping are changing the e-commerce scene in the MENA region. Since consumers are starting to care more about genuine recommendations and authenticity than advertisements, community commerce is the future of shopping. Therefore, brands that prioritise fostering genuine connections with consumers will emerge as leaders in the market. MENA's digital market is growing fast, and those who tap into social-driven shopping are the ones who will stay ahead. In fact, sales through social media made up 18.5% of global online sales, and this number is only going to rise. The message is clear: if you want to succeed, you need to build a community — not just a customer base.
