What It Is and How to Spot It

In the world of cryptocurrencies, where information spreads faster than ever, it’s easy to come across advice, videos, or posts claiming that a certain project is a “sure thing.” If the message is overly aggressive, full of promises about big profits, and comes from people openly pushing a single project – there’s a good chance it’s what’s known as shilling.

But what exactly is shilling, and why is it such a problem?

What Does “Shilling” Mean?

In the context of crypto, shilling refers to aggressively promoting a specific cryptocurrency or project—usually while hiding the promoter’s personal financial interest.

The goal of shilling is to generate hype and drive up the price of a coin or token, often without any real fundamentals—just so the promoters can profit by selling their holdings when the price goes up.

Shilling most commonly occurs:

On social media (Twitter/X, TikTok, Reddit, Telegram groups)

Example: In 2021, the project SafeMoon became one of the most well-known cases of shilling on Twitter and Reddit. Thousands of users aggressively promoted SafeMoon with phrases like “buy before it goes to the moon” (#SafeMoon, #ToTheMoon).

In many cases, shillers failed to disclose that they were already invested in SafeMoon and had a financial interest in driving up the price.

The mass promotion created artificial demand, and many investors later lost money when the token’s value sharply declined.

In comments under YouTube videos or articles

Example: During the height of BitConnect’s popularity in 2017, almost every crypto-related YouTube video was flooded with comments like: “BitConnect made me 300% profit in just 3 months! Join now before it’s too late!”

BitConnect later turned out to be a classic Ponzi scheme, and the comments were part of an organized effort by community members who earned commissions for referring others. Many investors, misled by these “authentic” testimonials, suffered heavy losses.

Example: One of the most famous cases involved boxer Floyd Mayweather and music producer DJ Khaled, who promoted the Centra Tech ICO on their social media.

They publicly praised the project as revolutionary but failed to disclose that they had been paid hundreds of thousands of dollars for the promotion. U.S. authorities later determined that Centra Tech had defrauded investors, and both Mayweather and Khaled were fined for failing to disclose their paid involvement.

In 2018, the SEC sanctioned them, and the three Centra Tech founders faced legal action.

This became a landmark case regarding influencer responsibility in promoting crypto projects.

On February 14, 2025, a crypto scandal involving the token $LIBRA emerged in Argentina, highlighting the serious consequences of irresponsible promotion by public figures.

President Javier Milei publicly supported $LIBRA, which sparked a surge in public interest and a rapid price increase—but only temporarily.

Shortly after, the token’s value crashed, leaving thousands of investors with major losses. While Milei claimed he had no connection to the project organizers and received no financial benefit, many experts view this case as a textbook example of shilling in action.

These real-world examples clearly demonstrate how much influence shilling can have on the crypto market.

As new projects emerge, shilling remains widespread—often disguised as genuine recommendations—making it more important than ever for investors to stay cautious.

Why Is Shilling Through Influencers Especially Dangerous?

Shilling through influencers is one of the most dangerous tactics in the crypto industry, largely because of the high level of trust influencers have with their audience.

When a well-known figure promotes a specific crypto project, followers often assume it’s a safe and vetted investment. However, if the influencer fails to disclose that they were paid for the promotion—or hasn’t personally verified the project—they may lead people to make poor investment decisions based solely on their status and popularity.

These types of endorsements blur the line between genuine advice and paid advertising, making shilling much harder to detect.

Regulating Crypto Influencers

Due to these risks, regulators around the world are increasingly monitoring the actions of influencers who promote cryptocurrencies.

For example, the U.S. Securities and Exchange Commission (SEC) and the UK’s Financial Conduct Authority (FCA) have both issued warnings that promoting financial products without disclosing paid partnerships can result in severe penalties.

Some countries, such as France and Australia, have already introduced stricter regulations that require influencers to clearly state if they are being paid to promote any financial product, including cryptocurrencies.

These developments highlight the importance of thinking critically about recommendations on social media and avoiding investment decisions based solely on an influencer’s popularity.

How to Recognize Shilling

Here are a few warning signs that may indicate shilling:

Too many promises:
Phrases like “This cryptocurrency will increase by 100% in one month!” are classic red flags. No one can accurately predict market movements, so exaggerated claims are usually meant to lure in unsuspecting investors.

Lack of real information:
If a project has no published whitepaper, no details about the development team, and no clearly defined goals—only hype—it’s very likely a case of market manipulation.

Fear of missing out (FOMO):
Messages like “If you don’t buy now, it’ll be too late in a month!” are designed to trigger emotional decisions. Investments made under pressure often carry higher risk and lower judgment.

Hidden financial interests:
If a promoter doesn’t disclose that they own large amounts of the token they’re promoting, there’s a strong chance they’re trying to inflate the price for personal gain by selling at a peak.

Spam comments or copy-paste messages across multiple channels:
If you notice the same or very similar comments appearing under different videos, on forums, or in Telegram groups, it’s likely an organized shilling campaign rather than genuine community interest.