The polished facade of cryptocurrency social media shattered on Monday after a leaked spreadsheet revealed the massive behind-the-scenes industry driving viral token promotions. What many followers assumed were genuine endorsements from trusted influencers were in fact highly priced advertisements, with some costing as much as $60,000 per post.
Blockchain detective ZachXBT revealed the explosive document on X, showcasing a tiered pricing system that reads like a media buying guide. The spreadsheet detailed usernames, wallet addresses, and promotional rates for over 200 crypto influencers who were contacted to promote an unnamed project. More than 160 accounts accepted payment deals, yet fewer than five bothered to disclose their posts as advertisements.
The leak exposes a sophisticated operation where influence operates on clear price points. Top-tier personalities like @atitty_ commanded $60,000 for giveaway-style engagement farming posts, while established names such as Eddy charged $12,000 for six-tweet packages. Mid-tier influencers like MediaGiratfes requested $10,000 for two posts, and even smaller accounts like Regrets10x secured $8,000 for four promotional tweets.
The pricing structure reveals three distinct tiers of influence. Tier 1 accounts, who charged $40,000 per post, dominated the premium bracket alongside personalities charging between $5,000 and $12,000 per promotion. Tier 2 influencers filled the middle ground with rates between $2,000 and $4,750, while Tier 3 accounts accepted payments as low as $1,500 for multi-tweet packages.
ZachXBT’s investigation included blockchain transaction analysis to verify payments, confirming that promotional posts masqueraded as organic content across the cryptocurrency community. The detective emphasized that non-disclosure of paid promotions “is illegal in most jurisdictions.”
The community condemns the practice
Community backlash erupted immediately. The OTC Network cofounder Erick condemned the practice as pure deception, arguing that failing to include #ad tags deliberately misleads followers. Pseudonymous researcher ‘dethective’ identified additional troubling patterns, discovering that accounts @Regrets10x and @lynk0x appeared to be operated by the same person and received duplicate payments from a single project.
The investigation revealed that many influencers earned more through promotional deals and insider arrangements than from actual trading activities, fundamentally undermining their credibility as market participants. Critics argue this creates a system where “organic community” excitement becomes manufactured hype designed to create exit liquidity for insiders.
The leak transforms understanding of crypto social media dynamics, exposing what one observer called “pre-priced, pay-for-play distribution” that manufactures belief rather than reflecting genuine market sentiment. While some defendants claim they only promote tokens they “believe in”, analysts view this as a systematic problem distorting market perceptions.
Regulatory implications loom large as authorities already scrutinize crypto advertising practices. For instance, the UK’s Financial Conduct Authority previously warned that promoting certain crypto products without approval constitutes a criminal offense, suggesting this exposure could trigger broader enforcement actions against both influencers and funding projects.
Since February 2022, Spain has enforced a regulation requiring influencers with over 100,000 followers to notify the National Securities Market Commission (CNMV) at least 10 days in advance about the content of crypto-asset advertising campaigns targeting large audiences. This measure aims to ensure transparency and include risk warnings to protect investors.
As regulatory frameworks tighten globally, crypto influencers and projects must prioritize compliance to avoid hefty penalties and reputational damage. Navigating this evolving landscape will be critical for sustaining trust and fostering responsible growth within the crypto ecosystem.
