End of Life When Investing in Cryptocurrencies According to Famous People

The cryptocurrency market in Vietnam is witnessing a wave of KOLs (influencers) using their fame to attract investments, but the consequences left behind are not without tragedies. TikToker Happi Mommi (N.N.A, SN 1995), once famous for her inspiring image as a young mother, is now accused of fraud after calling on hundreds of people to invest in the CSCJ project. This "pipe dream" project has vanished, leaving investors empty-handed, while Happi Mommi quietly withdrew and then reappeared as if nothing had happened. Not only Happi Mommi, streamer ViruSs – a famous character in gaming and finance – has also promoted Zuki Moba, a "play-to-earn" GameFi project. ViruSs's participation attracted a large amount of capital, but when the cryptocurrency market crashed, the Zuki Moba coin lost almost all of its value, and the project also "vanished," taking billions of dong from investors. According to experts, the tactics of many KOLs often begin by building trust through personal images, then painting an attractive profit scenario from cryptocurrency. Some actually invest or are behind the project, but many only receive remuneration for promotion without understanding the essence. To avoid legal risks, they cleverly avoid the phrase "call for investment", instead sharing experiences or emphasizing "the decision belongs to you". Nevertheless, their influence easily hits the FOMO mentality of fearing to miss out (, causing investors to rush in without considering the consequences. This phenomenon is not new in the world. In Vietnam, it is leaving a costly lesson: the reputation of KOLs can be a dangerous trap in the highly volatile cryptocurrency market.