It is necessary to clarify the legal factors surrounding the actions of KOLs causing the FOMO effect in the cryptocurrency market.
Don’t know anything, just know that ZUKI has plummeted
At the end of December 2021, streamer Dang Tien Hoang (ViruSs) once announced on his Tiktok channel about the digital currency he founded and offered a buying price for ZUKI (Zuki Moba project) from 0.2 – 0.3 USD.
Right after that, user Zet Under commented in the video on ViruSs’ TikTok channel: “Having less than 3 months of market experience, already gone ‘gathering chickens’.” The controversial conversation about the streamer’s ethics when tricking amateurs into using online coins, following the scandal of Youtuber Khoa Pub.
Immediately after this controversy, ZUKI’s token price plummeted without stopping.
Here is a screenshot of the price of ZUKI on the CoinMarketCap exchange on the morning of January 1, 2022:
Many financial investors in the field of cryptocurrencies believe that the minimum morality of a famous streamer like ViruSs is to be fair with statements about cryptocurrencies. He should not use his influence to advise new investors who do not understand the market and cryptography, should not trick amateurs into buying coins.
“These KOLs must be responsible for the value of the coin and investors’ money if they promote investment, causing FOMO effect for crypto investors,” said David Tran, a crypto investor.
“Cryptocurrency influencers (KOLs) should always show that their judgment on a project is always personal or give a warning that this is not investment advice. Thanks to that, users can stay alert to learn about the project, avoiding FOMO,” shared cryptocurrency expert Nguyen Hoang Hung.
According to Mr. Hung, before investing in any cryptocurrency, users need to carefully understand relevant factors such as the whitepaper, the project’s roadmap,…
“Investors need to learn for themselves and not trust anyone when participating in the cryptocurrency market to avoid unnecessary losses,” Mr. Hung said.
The plunge of shitcoins that Khoa Pug and ViruSs promote shows that if you believe in KOLs, you will lose your fortune. Investors should beware of their words!
‘Gathering chickens’ – a concept in the crypto world
On exchanges or using cryptocurrencies, “chicken” is the word used to refer to the investors. The word “gather” is used to refer to the issuer creating a coin/token and then spreading the news that this coin will bring great profits to entice the “chicken” to invest.
After having “gathered” the desired number of “chickens”, that person will no longer be responsible or have any connection with that virtual currency or will mysteriously disappear.
The purpose of gathering the chickens is to incite greed and trick investors for personal gain.
To attract investors, scammers use a lot of different tricks such as regularly showing off large bank account balance, large profits from investing in it, building active networks with a lot of “rich” investors, and promising to help other investors earn large amounts of money through investing in the project.
Dang Tien Hoang (born 1990), commonly known by his nickname ViruSs, is a male YouTuber and streamer. Starting his career as a streamer in video games, ViruSs quickly entered the music industry. With influence in the online game world and a large number of followers. ViruSs, PewPew, Do Mixi, and Xemesis are known as “Vietnam’s big four streamers”.