Andrew Tates Cryptocurrency Plummets by Over 40 Following Scam Allegations

For a while now, former kickboxer and social media influencer Andrew Tate has been ardently promoting the meme coin Daddy Tate (DADDY). Over the past few months, the campaign has witnessed considerable success as the cryptocurrency hit various milestones, such as achieving a market capitalization of $120 million in July, and experienced significant rallies, including a 30-day 100% surge by mid-October.

However, on October 19, the situation took a turn for the worse when renowned digital detective and Youtuber Stephen Findeisen, widely known as Coffeezilla, published a video accusing Andrew Tate of being a scammer and a grifter. Coffeezilla is famous for, among other things, accusing Sam Bankman-Fried of running a Ponzi Scheme weeks before the onset of the ‘crypto winter’ and six months before FTX collapsed.

Particularly, DADDY has dropped 38.45% in the last 30 days, 23.47% in the last week of trading, and has plummeted just over 43% since Coffeezilla’s video was released, to its press time price of $0.08271.

Coffeezilla accuses Andrew Tate of scamming his audience. He scrutinized the influencer’s frequently changing attitudes towards various topics such as pornography – Tate is vocally against it despite once operating a webcam sex business – and cryptocurrency – the former kickboxer once labeled the asset class as a major scam and vowed not to be involved with it.

The YouTuber even accused Andrew Tate of running his primary business as a pyramid scheme or, at the very least, a multi-level marketing (MLM) operation, especially after cryptocurrencies became involved. Indeed, one of the incentives for subscribing and remaining subscribed to ‘The Real World’ – formerly known as the Hustler’s University – is that users can gain ‘power levels’ and ultimately receive digital asset payouts, according to Coffeezilla.

Coffeezilla also revealed that Tate encouraged his followers to launch an email attack and label the YouTuber ‘gay’ in exchange for some promised rewards. Coffeezilla even shared one of the emails in which an Andrew Tate follower apologizes but admits they are heavily invested in DADDY and the former kickboxer to pump the meme coin further.

Finally, the YouTuber suggests that the aggressive influencer’s foray into crypto may be related to the likely financial pressure resulting from the prolonged legal battle with the Romanian authorities over alleged human trafficking. Coffeezilla also highlights that Andrew Tate has promoted multiple cryptocurrencies, all of which declined significantly after the promotional period ended. Such situations suggest that many of the former kickboxer’s fans were left ‘holding the bag.’

Featured image: LCV. Andrew Tate and his brother Tristan Tate, surrounded by bodyguards, leave the Bucharest Court. Digital image. Bucharest, Romania. 21st June, 2023. Shutterstock, August 12, 2023. Date retrieved: November 4, 2024.