Crypto investigator ZachXBT has accused more than 200 influencers of secretly promoting token campaigns without disclosing that they were paid, raising new concerns about transparency and market integrity in the industry.
On Monday, the onchain sleuth published a spreadsheet on X that he said contains pricing details, wallet addresses, and payment receipts tied to a large-scale influencer marketing push. According to his review, roughly 160 influencers accepted offers to promote a token, but fewer than five labeled their posts as advertisements.
The documents appear to show per-post fees ranging from a few hundred dollars to over $10,000, alongside Solana wallet addresses used for payouts. Some entries also include links to onchain transactions meant to confirm payments. The Block reported that several of the accounts named in the list were contacted for comment.
The findings spotlight a persistent controversy around so-called key opinion leaders, or KOLs, who often wield outsized sway over thinly traded tokens. In the U.S., the Federal Trade Commission requires influencers to “clearly and conspicuously” disclose paid relationships when promoting products or services on social media. Regulators have previously taken enforcement actions against celebrities and influencers who failed to disclose crypto promotions, including cases involving high-profile figures tied to token launches.
Critics warn that undisclosed promotions can blur the line between genuine investment research and paid hype, leaving retail investors vulnerable. “When shilling isn’t transparent, it looks like organic buzz — but in reality, it’s often a setup for insiders to cash out at the expense of small buyers,” one compliance expert told Cointelegraph.
ZachXBT’s claims arrive amid heightened scrutiny of crypto marketing practices. Regulators in Europe, Asia, and North America have all signaled tougher oversight of undisclosed endorsements and market manipulation in token launches. For now, the spreadsheet adds fuel to growing concerns that retail traders are being systematically misled in a market already notorious for volatility.
