“SavetheKids” Cryptocurrency Scam

Post

Cryptocurrency is a digital payment mechanism where a person is not required to rely on the bank to verify their transactions. It's a peer-to-peer system where anyone can send and receive payments at any location. When you get a coin, your transaction is on an online database that has a job of describing specific public ledgers.

'Save the Kids' is briefly promoted as a “bep-20 token redistributing wealth to holders, [in particular to those people who decided to hold the token,] and charities viathe Biance charity wallet. The mission of this coin was ill intendedly advertised to send 1% of 3% tax to the charity wallet. When this coin was in production to be launched on June 5, there were 5 influencers and 1 model that wished to become ambassadors of this coin.

First, Frazier Khattri, known formerly as FaZe Kay, but now, Kay, is a content creator who uploads Youtube videos of him participating in challenges that he designs. He includes his friends and brother in his videos. Second, Jarvis Khattri (FaZe Jarvis) is universally known for getting banned on the popular video game, Fortnite, for his use of the cheat code "aimbot.” Third, Nikan Nadim (FaZe Nikan) has been recognized worldwide and continues to do so within the FaZe Clan, an eSports company, for his graphic designing skills with a primary focus on YouTube. Fourth, Jacob (FaZe Teeqo), who is currently a Twitch streamer.. Finally,Bryan Quang Le (Ricegum), who built his popularity by making a few diss tracks. He was stirring up thousands of controversies within his life, promoting a fake website where you can find Apple Airpods for $4 and scamming his fans with used Amazon gift cards. He primarily makes live streams on Twitch of him reacting, talking, and inviting his friends to help him with his videos since his popularity declined rapidly. Lastly, Sommer Ray, an Instagram model with over 20+ million followers, was popularized by her posting revealing pictures of herself on social media in hopes of earning money from her brand deals. A fact about her is that she dropped out of school as a freshman.

The light on the bright side of the “Save the Kids” token looked delightful for their audience, hoping to make hundreds of dollars, and supporting a multitude of charities. However, as fans pumped up this scheme, they saw their money turn into dust overnight because the value plummeted to -91.67%. This action certainly caught the cryptocurrency world by a surprise. There was evidence that it has an anti-whale coding implemented in the token (a whale being a person owning over large quantities of token). An investigation conducted by CoffeeZilla, a YouTuber who debunks mysteries, discovered that the mechanism’s role was to limit how much a whale could sell to 0.1% of the total supply per minute. When the coin went live, the anti-whale coding drastically changed from one day to one minute, meaning that the ambassadors can blatantly sell the tokens for an extraordinary amount of cash.

Certainly, this isn’t the first time where fans have been tricked by influencers. Jake Paul, a notorious former YouTuber, was caught for scamming so severely that a myriad of news outlets had to cover this story. He attempted to launch an educational program by providing basic videos where his young fans would be educated on how to use online pursuits to build a virtual platform for oneself. But what really occurred is that to unlock these videos, you must pay $7, furnishing basic tips on how to become an influencer like if you have a makeup kit, then you can make makeup videos. One shouldn’t rely on their favourite YouTubers or influencers to supply education or money, as it is strictly unknown as to what can happen to your hard-earned cash. These influencers may have tricks up their sleeves that can manipulate a whole consumer-base to buy their product billed for their brand. Thus, it is important to recognize that not everything online can appear as what it seems, and one must be cautious and take proper steps if they so choose to place their money anywhere, or else they may fall into what was once thought to be a “trustworthy” influencer’s hands.

References:

• Tenbarge, Kat, “Jake Paul’s biggest controversies: how the notorious YouTuber found fame through scandal”, Culture, GreenSpan E. Rachel, Insider, November 30, 2020

• Sacco, Dom, “Scam the Kids: The ‘Save the Kids’ crypto scandal involving several UK Youtubers is painful reminder of the volatility of cryptocurrency and the dangers of trusting influencers – opinion,” Esports News UK, July 2, 2021

• “What is CryptoCurrency? CryptoCurrency Security: 4 Tips to Safely Invest in CryptoCurrency”, Resource Center, Definitions, Kaspersky

---

Published September 1, 2021

Written by Arnav Naphar ~ Edited by Anvita Chitrapu ~ Designed by Abinaya Balaji