Do you know why it's essential to do your own research (DYOR) before getting into a new NFT and crypto project? Here's why...
In the promotion, Danis tweeted out a digital image along with a website URL, which according to Coffeezilla, “literally spells out S.C.A.M.” A further investigation from Cointelegraph shows that the website URL was newly created on Feb. 1, 2023, an important clue to check when checking the credibility of new projects.
Moreover, the website FAQ clearly mentions that no investors can get hold of the “Sourz” NFTs, a crucial piece of information overlooked by the MMA fighter.A similar incident involving Kim Kardashian was flagged in June 2021 by the Securities and Exchange Commission as shefollowers. According to the SEC, Kardashian violated the anti-touting provision of the Securities Act by failing to disclose the $250,000 she had received for the promotion.
However, Coffeezilla ensured that the users who fell for the scam NFT project were notified immediately. When users click the “Mint Sourz”A webpage showcasing crypto projects previously promoted by MMA fighter Dillon Danis. Source: sourznft.com While Coffeezilla plans to share more information on this through a follow-up video, the incident comes as a strong reminder for influencers and investors to conduct thorough research before promoting or investing in a project.Japanese authorities have started exploring blockchain use cases to solve numerous technological issues. Fumio Kishida, the prime minister of Japan, recently spoke about the “various possibilities for using Web3” in the country.
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