Andrew Tates Cryptocurrency Plummets by Over 40 Following Fraud Allegations
For some time, former kickboxer and social media influencer Andrew Tate has been heavily promoting the meme coin Daddy Tate (DADDY). At various points in recent months, the campaign has been marked with noted success as the cryptocurrency achieved various milestones – such as hitting a market capitalization of $120 million in July – and experienced major rallies – such as the 30-day 100% surge by mid-October. However, the situation shifted rapidly for the worse on October 19 when the popular digital detective and Youtuber Stephen Findeisen, better known as Coffeezilla – famous for, for example, accusing Sam Bankman-Fried of running a Ponzi Scheme weeks before the ‘crypto winter’ started and six months before FTX collapsed – published a video accusing Andrew Tate of being a scammer and a grifter.
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Specifically, DADDY is down 38.45% in the last 30 days, 23.47% in the red in the last week of trading, and has collapsed just over 43% since Coffeezilla’s video went live to its press time price of $0.08271.
DADDY 30-day price chart. Source: CoinMarketCap
Coffeezilla accuses Andrew Tate of scamming his audience
Coffeezilla examined the influencer’s apparently perpetually shifting attitudes toward various topics such as pornography – Tate is vocally against it despite once operating a webcam sex business – and cryptocurrency – the former kickboxer used to describe the asset class as a major scam and pledged not to be involved with it. The YouTuber even accused Andrew Tate of operating his primary business as a pyramid scheme or, at the very least, as a multi-level marketing (MLM) operation, particularly after cryptocurrencies got involved. In fact, one of the selling points for subscribing and staying subscribed to ‘The Real World’ – once known as the Hustler’s University – is that users can gain ‘power levels’ and ultimately receive digital asset payouts, per Coffeezilla.
Andrew Tate fires back against Coffeezilla
The digital detective also revealed that Tate urged his followers to go on an email offensive and call the YouTuber ‘gay’ in exchange for some promised rewards. Coffeezilla even shared one of the emails in which the Andrew Tate follower apologizes but says they are heavily invested in DADDY and the former kickboxer to pump the meme coin further.
Coffeezilla showcases one of the strange attack emails. Source: Coffeezilla’s YouTube channel.
Finally, the YouTuber implies that the belligerent influencer’s move into crypto may have something to do with the likely financial pressure stemming from the protracted legal battle with the Romanian authorities over alleged human trafficking. Coffeezilla also points out that Andrew Tate has promoted multiple cryptocurrencies, all of which declined heavily after the promotional period ended. Such circumstances indicate 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.
