Key Opinion Leaders Are Bad for the Crypto Industry

The author of this CoinDesk opinion column argues that crypto projects should stop paying Key Opinion Leaders, influencers paid to promote projects, because their paid, often undisclosed endorsements mislead audiences and harm the industry. The column cites Polkadot's treasury report, which showed more than $87 million spent in the first half of the year, including $37 million on "Outreach" efforts such as advertising, sponsorships, events and influencers. It also points to YouTuber BitBoy (Ben Armstrong), who was caught taking payouts to pump tokens without disclosure, and to "Professor Crypto," whose KOL Award announcement was exposed as astroturfing. The author says the new project Last Network will build a coalition of industry and community figures instead.