# Key Opinion Leaders Are Bad for the Crypto Industry

Source: https://www.coindesk.com/opinion/2024/09/17/key-opinion-leaders-are-bad-for-the-crypto-industry?_gl=1*1p8jkiy*_up*MQ..*_ga*Njk4NDA2MzczLjE3MjY3NjE4MDc.*_ga_VM3STRYVN8*MTcyNjc2MTgwNi4xLjAuMTcyNjc2MTgwNi4wLjAuMjM0MzMyMzY2
Kiwi News: https://news.kiwistand.com/stories/Key-Opinion-Leaders-Are-Bad-for-the-Crypto-Industry?index=0x66ec4b88fc0cb817fa6b482a663aa63d9942cacb5af1c2e63847f4d8086a735ccf4daeb0
Submitted by naomiii.eth on 2024-09-19 UTC, 5 upvotes, 2 comments

## Summary

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.

## Comments

**tim**: Kinda crazy that we even need to discuss this in a magazine. Maybe crypto currently just feels really stale and lacks excitement? Remember when everyone was writing their own piece about how memecoins are here to stay?

Strange! The best topic Coindesk could come up with now is how KOLs are bad for crypto. No friggin way man, KOL are bad for crypto??? No way!

**naomiii.eth**: Haha ikr. 

Well it's an op-ed so I reckon best to blame the author and the editor who thought this needed to be said in Coindesk - when literally any sane person you ask would tell you the same. 

Next up: Why VCs are bad for crypto.