Andrew Tate, a former kickboxer and online personality, has shocked his followers by announcing his plans to launch his own cryptocurrency, dubbed Scamcoin.
Tate, who is known for his controversial views on women and society, posted a now-deleted tweet on Thursday, saying that he would back his coin with $100 million of his own money and let his online university members get in early at a discount. He also claimed that he was the “most famous man alive” and that he would promote his coin everywhere to let his followers make money.
However, many people online were quick to point out that Tate had previously bashed crypto and vowed to never get involved in it. In a tweet from last year, Tate wrote: “I DO NOT ENDORSE SHITCOINS. I’m not a scammer like every other ‘influencer’. I don’t need to rob my fans. I DO NOT HAVE ANYTHING TO DO WITH ANY CRYPTO.”
Some of Tate’s critics, such as YouTuber Coffeezilla, who exposes online scams, called Tate’s coin a “scamcoin” and a “pump and dump” scheme, where the price of a coin is artificially inflated by hype and then sold off for profit by the creators. Coffeezilla also noted that Tate had previously mocked crypto users and said that the easy money was not in crypto anymore.
Others were more optimistic about Tate’s coin and expressed their interest in buying it, hoping to cash in on Tate’s fame and influence. However, Tate has not revealed any details about his coin, such as its name, symbol, supply, or utility, nor has he confirmed whether he will go ahead with his plan.
This is not the first time that Tate has been involved in crypto controversy. In 2023, several coins named after Tate, such as Tatecoin, Andrew Tate Inu, Tate CEO, and $ANDREWTATE, emerged as pump and dump scams, leaving many investors with losses. Tate denied any involvement or endorsement of these coins and said that they were using his name without his permission.
Scamcoin, if launched, would join the ranks of many other celebrity-backed or endorsed crypto projects, such as Akon’s Akoin, Paris Hilton’s LydianCoin, Floyd Mayweather’s Centra, and Logan Paul’s CryptoZoo, some of which have faced legal troubles or accusations of fraud.
Whether Scamcoin is a genuine venture or a scam remains to be seen, but one thing is certain: Tate’s crypto flip-flop has stirred up a lot of attention and controversy online.
