I just came across a case where a retiree in Thailand lost over 40 million baht (more than $1 million) after trusting a KOL with his money.
The alleged scam was pitched by German Crypto Influencer Alex Meurer @AMCryptoAlex who seemed credible, known publicly, and portrayed himself as successful in crypto.
After receiving the money, Alex told the victim the investment platform had “collapsed” and that his phone had been “stolen.” Shortly after, he stopped replying altogether.
Never trust anyone with your money, especially KOLs flexing on social media. It’s mostly smokes and mirrors anyway.
Money’s gone and the victim is left with nothing.