The TikTok influencer, Matt Lorion, who had promoted a new token some weeks ago, apologized to fans for the token turning out to be a scam. The digital asset space is not new to numerous scam tokens, which usually disappears after many holders buy it based on promotion by a well-known influencer within the space.
There has been an uproar on social media and to the token scamming people of their money. The influencer explained that he regrets ever promoting the token, as it didn’t turn out to be what he expected. The well-known 17-year-old shared the video on Twitter, where he revealed that he didn’t know that Mando creators planned to scam people of their hard-earned money.
Mando token turns out to be a scam
There have been many pump and dump schemes in the digital asset space recently, and this has made it hard for an investor to purchase new tokens or cryptos. The scam companies usually beg an influencer to promote the asset on social media to ignite adoption and then end up ‘dumping’ the crypto, which would cause the value of the assets to decline rapidly.
This is not new to the space, and many regulators have tried to reduce the incidences, but some still manage to make away with investor’s money. Unfortunately, investors find out the truth the hard way as the token ended up being one of the numerous pump and dump tokens, leading to investors’ losses.
Investors who promoted the scam have apologized to their followers, but that might not be enough to recover millions lost to the fraud. The problem started when anonymous Mando influencers contacted Lorion due to his vast followership, and his influencer on TikTok asked him to promote the coin.
This led to his followers’ adoption, who trusts his judgment, and purchases from them follow this. Lorion revealed that the investors scammed him alongside every other person that invested in the crypto.
Lorion apologizes for scam investment
This situation shows that interested investors have to be careful purchasing newly created assets as some of the tokens could be scams. Due to Bitcoin and other cryptos’ success, people have been searching for the next crypto, which has made them become victims of scam tokens, which the creators made to defraud people of their hard-earned money.
Any investor who wants to buy a new digital asset must conduct background checks to prevent issues like this from happening. This had led to some movement by Lorion’s management team to check the digital assets adequately before promoting them on social media.