Watch Out.... Pirates About...
Plus, a few headlines...
Buried in the sea of headlines this week came a little ditty about insider trading and a pump-and-dump cryptocurrency scheme. And this one is a little different because of the person involved…
A certain controversial congressman from North Carolina.
The scandal has to do with the LGB (Let’s Go Brandon) coin, a memecoin marketed last fall to capitalize on political sentiment. The coin got plenty of press before collapsing. It also got plenty of investors, many of whom lost money.
Now watchdogs and some other groups are looking into the people and positions around the coin.
This may go somewhere; this may go nowhere.
But this scandal does help me revisit another enormous issue about cryptocurrency. While there are plenty of legitimate projects out there, and the sector has lots to get excited about, scams still lurk. So do paid shills, influencers, and celebrities… many of whom don’t disclose this to investors.
These issues are part of why many people welcome some of the pending regulation. Clarity can be helpful.
In the meantime—just watch out for yourself. Do as much research as you can before investing. And remember, if something seems overhyped, it probably is.
Plus…
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.