The legitimacy of a forthcoming cryptocurrency from influencer Andrew Tate is being questioned within the crypto community. Reports suggest that Tate hinted at supporting a new coin with a substantial $100 million investment of his own funds.
According to sources, Andrew Tate, a prominent figure in the crypto space, has mentioned providing early access to a coin supported by $100 million from his personal wealth to members of his online university.
Andrew Tate Faces Criticism from Crypto Community Despite claiming that his celebrity status would ensure profits for all investors in the coin, Tate set a condition for the coin’s launch: his tweet needed to garner 50,000 retweets.
While the post managed to amass over 10,000 retweets before its deletion, questions arose regarding the project’s tokenomics and operational details.
Anonymous crypto trader Byzantine General expressed skepticism, stating that Tate seems to have returned to fraudulent activities in the crypto space. Analyst Master, known as @Moneytaur_, suggested that the financial backing for Tate’s coin might be sourced from the subscription fees charged by his online university.
“Pure marketing, and those $100 million will be funded through new subscriptions to his university. Gotta give it to him. Man’s a marketing genius,” remarked Master.
Fernando Gutierrez, an alternative asset investor with a following of 6,308, hinted at the possibility of Tate’s offering being a rug pull, a common crypto scam happening during periods of market exuberance.
The hyperlink shared in the post by media outlets directs to Tate’s online financial institution associated with his platform, Hustler’s University. Here, Tate claims to coach individuals on real-world money-making strategies.
Tate’s Crypto History and Current Legal Troubles Tate, who had previously positioned his university as a legitimate means for hardworking individuals to achieve wealth, has faced criticism for promoting crypto investments. Last year, he criticized influencers profiting from short-term crypto projects and aimed to distinguish his institution from those promising quick riches.
Despite endorsing Bitcoin in the past, Tate’s own Bitcoin holdings are presently under the control of Romanian authorities. This year, he gained approval to review the seizure of his BTC and other assets, which were confiscated in connection with allegations of his involvement in a human trafficking operation.
