Is Andrew Tate About to Drop His Own Cryptocurrency?

9 months ago 5

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The crypto community is skeptical that a new coin that influencer Andrew Tate is supposedly launching is genuine. News media floated a cryptic tweet that suggested he would back a new coin with $100 million of his own money.

According to media reports, crypto influencer Andrew Tate recently said that he would allow members of his online university to get early access to a coin backed by $100 million of his own money.

Crypto Critics Roast Andrew Tate

The influencer apparently said his fame would cause all investors in the coin to make money. He said he would launch the coin, provided his post got 50,000 retweets.

A few hours ago, the post had over 10,000 retweets, although it has since been deleted. It was unclear how the tokenomics of Tate’s supposed project would work.

Anonymous crypto trader Byzantine General said Tate has gone “full circle…back to scamming with crypto.” Analyst Master, who goes by the X handle @Moneytaur_, said the backing for Tate’s coin would come from the membership fees he charges.

“Pure marketing and those $100m will be paid from new subscriptions to his university. Gotta give it to him. Man’s marketing genius.”

Fernando Gutierrez, who invests in alternative assets and has an X following of 6,308, implied that Tate’s offer may be a rug pull. Such crypto scams always occur amid market exuberance, he said.

The link embedded in the post cited by media outlets points to Tate’s online financial institution. The former kickboxer runs a platform called Hustler’s University. Here, he claims to coach people on how to “make money in the real world.”

Tate’s Own BTC Was Seized by Authorities

Tate has previously promoted his university as a means for hard workers to get rich. Last year, he slammed crypto influencers who thought themselves experts when they profited off fly-by-night crypto projects. Through his platform, Tate sought to set his institution apart from those who promised easy money.

Read more: Top 6 Crypto Influencers to Follow

In October last year, Tate promoted crypto investments when Bitcoin (BTC) surged from $34,000 to $35,000, rebuking those who didn’t follow advice to invest in crypto. His tweets contradicted earlier statements that the “easy money isn’t in crypto anymore.” Before that, he called fiat money “trash” and endorsed Bitcoin.

But his own Bitcoin holdings are currently in the custody of Romanian authorities. Earlier this year, the former kickboxer recently won approval to review the seizure of his BTC and other assets. Authorities previously confiscated the booty in connection with Tate’s alleged involvement in a human trafficking operation.