Andrew and Tristan Tate are controversial but influential figures writing their own history in the cryptocurrency market.
Notably, the Tate Brothers are facing charges in Romania, accused of rape, human trafficking, and forming an organized crime group to sexually exploit women, according to the BBC. They deny the accusations.
With the start of the bull market, cryptocurrencies allegedly surged using Andrew’s and Tristan’s names and images. In response, Tristan posted on X on March 6, warning his followers to stay away from these tokens.
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“A friendly reminder that all crypto coins that use my or my brothers images have nothing to do with us, and you’re pretty much guaranteed to lose all your money if you “invest” in them.”
– Tristan Tate
Andrew Tate and cryptocurrencies
The Tate Brothers have a historical relationship with cryptocurrencies, which explains the current concerns. Previously, the Romanian police reportedly seized 21 Bitcoins (BTC) under Andrew Tate’s name as part of the human trafficking investigations.
Interestingly, this amount is worth over $1.35 billion, with Bitcoin trading above $65,000 two years after the seizure.
Later, the most famous of the two brothers, Andrew, announced the creation of his own cryptocurrency, “TopG,” on X. However, the post was deleted, facing an adversarial reaction from his followers. Andrew denied the intention of ever minting the token.
Moreover, Tate appeared in an interview with Rob Moore, calling “Crypto Twitter” losers and bragging about his wealth. Moore posted the interview video on February 23, three weeks after the supposed failed launch of Andrew’s “TopG” token.
Nevertheless, multiple tokens called “TOPG” surged in DeFi networks like Ethereum (ETH) and Solana (SOL). These meme coins do not belong to the Tate Brothers, who have explained the dangers of investors losing all their money by purchasing tokens using their influence as a promotion strategy to “scam money.”
It is worth noting that anyone can create tokens using industry-pre-built standards and list them in decentralized exchanges. Therefore, multiple cryptocurrencies have surged in the past few years, trying to appeal to strong personalities.
Most are known as “money grab” schemes with a short life. Thus, this highlights the importance of investors knowing the projects to which they deploy capital. Understanding the fundamentals and the proposed demand is vital to succeed in this volatile and still experimental free market.
