Crypto tweets spark theories and warnings about sending ETH

A new trend has emerged on Twitter where social media influencers are asking for Ether (ETH) without offering anything in return. This has caught the attention of many people. The trend has sparked different theories ranging from a publicity stunt to money laundering.

Some influencers attempted to promote their wallet address and promised to deliver nothing in order to get a share of the recent “memecoin magic”. A wallet address named “yougetnothing.eth” has received over $1 million worth of ETH in the last 24 hours since its creation.

Since the account received a lot of funds, many other social media accounts attempted to do the same, hoping to get some ETH for themselves. One person asked for ETH to buy a nonfungible token (NFT) while another promised to spend it all on hookers and cocaine.

However, many others deployed satire and started to promote an Ethereum-burning wallet, making fun of people who may be sending their funds to random addresses.

Raised 0 eth (0%) Ordering a new life once I reach $1,000,000 so my life can change Send me eth: 0x0000000000000000000000000000000000000000 (You get nothing in return. This is a donation)

— Emperor.SOL (@Solana_Emperor) May 30, 2023

Meanwhile, another influencer claimed that they did it as an experiment and only had one person donate to them. The social media account concluded that this trend was only a strategy to get traction and attention by sending ETH to themselves.

Related: Influencer served settlement demand via NFT following $7M token presale

The trend has received negative feedback from the community on Reddit. A Redditor highlighted that the Twitter account only had around 68,000 followers and did not believe that the funds were from the community. The Reddit user suggested that this could be a money laundering attempt, where “dirty ETH” are being sent in as donations.

A community member shared that one of the accounts was only a week old and had received 544 ETH from an exchange that didn’t require KYC. Furthermore, the community member suggested that there seemed to be a pattern in the donation amounts.

On May 31, a former executive of the Securities and Exchange Commission warned social media influencers who manipulate the prices of crypto securities. According to former SEC chief John Reed Stark, these influencers will eventually be caught and face penalties.

Magazine: Get your money back: The weird world of crypto litigation

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more