Behind the rise in billions in the cryptocurrency crash are many small investors who lost part of their savings. JDN interviewed them to understand how they managed to reduce the risk to such an extent.
“I’m at a loss for 6 figures there, I don’t know what I’m going to do…”. Since May 8, spam messages like this have multiplied on social networks and forums. Who do they come from? The French who invested all or part of their savings in crypto protocols with a delirious return as much as it is risky. The value of their portfolio melted with the collapse of the prices of Luna and UST, two Terra blockchain cryptocurrencies. In all, nearly $40 billion went into smoke. Anchor Protocol, a platform that promised investors a 20% return, has lost more than 99% of its value. On Twitter or on Jeuxvideos.com, netizens were previously convinced that the goose laying golden eggs was expressing their misunderstanding. It is possible that some of the testimonials are exaggerated, even false, but many of them are very real, as JDN was able to verify this by contacting their authors.
The shock was even more violent as the Terra blockchain had previously sparked a lot of enthusiasm: Luna reached the top 10 cryptocurrencies by capitalization. As a result, Gregoire, an executive from a famous French startup, thought the ecosystem was “too big to fail”. He admits that the 20% return offered by the Anchor Protocol was not viable, but the uproar on Twitter prompted him to buy his own floor cabinets and put them on the platform. He estimates his losses at $3,000. He is not the only one attracted by this generalized enthusiasm. Guide on Jeuxvideos.com:
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Aveuglés par l’euphorie sur les réseaux sociaux et confortés par certains influenceurs cryptos, les investisseurs à la recherche de rendements toujours plus élevés ont oublié le principe basique du couple rendement/risque queré, qui le second plus leve ‘And also. “Stablecoins were introduced as safe investments,” says Lucas, a student in his twenties who fell into the trap. He also subscribed to the same cryptocurrency newsletter, and was amazed at the leak from underground vaults for dollars. Sofiane, a 30-year-old industrial engineer, lost $4,000 after watching French YouTubers praise Anchor.
In fact, crypto-trained influencers, who get paid through affiliate links and ads, are abundant on Google’s video platform. An example with Tutok, followed by 4,500 subscribers, says Anchor “almost no risks” because it’s “a little A-book with little difference in performance”. Cryptosaure, with just over 2,000 subscribers, said: “0.5% A brochure stop your discontent, put €10,000 on it at 20% and you’re at peace.” With 76,500 subscribers, Paul Crypto Formation for his part emphasized that “there is no reason to go back to the central bank when we have an interest rate like that on our stablecoins.”
“Livret A stops at 0.5% of your dissatisfaction, put 10,000 euros on it at 20% and you are calm”
To compare a savings product with state-regulated and guaranteed capital to a decentralized finance protocol at an astonishing rate, one would have to dare. A comment still widespread, as we have just seen, which at least reflects a lack of knowledge. Anyway, that’s what Xavier thinks, a senior French fintech executive who lost 0.5% of his portfolio with Luna, according to him “many crypto influencers don’t understand the technology behind it” and presented the Anchor protocol as a solution to “make magic money.” “.
Contacted by JDN, Tuktok admitted that he had advised his fans “at some point” to put the floor tanks on Anchor but emphasized that he had “issued a warning” when the liquidity reserve started to dwindle. The one who congratulates himself on “adding value” to those “who don’t have time to figure it out” is still amazed that some… “foolishly pursue YouTubers like me”. Cryptosaure, which says it hasn’t been an investor in the Anchor Protocol for long, admits it’s a “failure” but notes that “many other influencers have deleted their videos” about it, unlike him.
The reckless words of influencers do not prevent them from taking a few precautions: they all use a disclaimer that often looks like this: “Please note that I am not a financial investment advisor. I cannot be held responsible for any potential losses or gains. Always do your own research and consult a professional before making your investments. own”. The disclaimer, according to Roman Darrier, an attorney in Internet law and new technologies, allows crypto influencers to distinguish themselves from the status of a financial advisor, which means accountability before the law.
Be warned, not all French YouTubers should be put in the same basket. Some, in larger societies, were able to exercise more rule. Crypto Farmeur, with 35,300 subscribers, said in particular that it has “monitored four points [lui] We suggest that the 20% APY guarantee on the stablecoin is not viable in the long run.” As is the case on the part of the crypto press. Followed by 112,000 people on Youtube, Le Journal du Coin identifies though “Share” [dans Anchor] From the biggest funds is not a guarantee, not a definitive guarantee. “We must believe that no…