A new trend has emerged on Twitter, where social media influencers are asking for ETH in exchange for nothing, attracting the attention of many observers. Theories range from being a publicity stunt to potential money laundering. One influencer attempted to cash in on the recent “memecoin magic” by promoting their wallet address and promising to deliver nothing in return. A wallet address called “yougetnothing.eth” received over $1 million worth of ETH within 24 hours of its creation.
As the account received significant funds, several other social media accounts attempted to follow suit, hoping to receive some ETH themselves. One requested ETH to purchase a nonfungible token (NFT), while another claimed they would spend it all on illicit substances and illegal activities. In response to the growing trend, others used satire to promote an Ethereum-burning wallet, mocking those who may send their funds to random addresses.
On the other hand, another influencer stated that they attempted this as an experiment and received donations from only one person. They concluded that this trend was merely a strategy to gain traction and attention by sending ETH to themselves.
In a discussion on Reddit, the trend received negative feedback from the community. One user pointed out that the Twitter account in question had only around 68,000 followers and doubted that the funds were from the community. They suggested this could be a money laundering attempt with “dirty ETH” being sent as donations. Another Redditor observed that one account involved in the trend was just a week old and had received 544 ETH from an exchange that did not require KYC. They also noted 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 that they would eventually be caught and face penalties.
This recent trend highlights the potential risks and pitfalls that investors can face within the constantly evolving cryptocurrency space. As such, it is imperative for those involved in the space to stay informed, educated, and diligent about their investments, as well as to be discerning about the information they encounter on social media platforms.