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Dalas Review is the latest example of how influencers are leveraging their visibility to move large amounts of money virtually at will. The controversial YouTuber is courting controversy these days due to the name of his cryptocurrency, Pambicoin. The value of memecoin, which is only a week old, has already experienced a major collapse.

It goes up, it goes up… until it falls. On May 19, PAMBI cryptocurrency started to be released. Its value gradually increased until it exceeded five cents on the dollar and reached a market cap of several million dollars, according to CoinMarketCap.

But on May 24, without any warning, the cryptocurrency crashed. It increased from $0.051 to 0.017%. A decrease of approximately 80%. And since then the cryptocurrency has not recovered or converged as it has been trading below $0.0025 for several years now.

An accident caused by Dalas Review. The explanation for the decline in Dalas’s cryptocurrency shares was explained by a move made by the YouTuber himself. “It’s done, I will announce it on the main channel tomorrow,” said the Pambicoin account, pointing to the movement behind the sudden change in value in the cryptocurrency.

The reason given by Dalas in the video is not that he sold his cryptocurrencies, but that he decided to transfer a large amount to a secondary private wallet.

Pambicoin

PAMBI Quote (CoinMarketCap)

All for the promotion of the stock market. According to the description of the published video explaining the cryptocurrency, this entire maneuver is justified to promote the Bitmart private exchange.

The drop and discussion serve to add promotional links to participate in the exchange and participate in different sweepstakes.

Investing in Memecoins is deceiving other users. Investing in cryptocurrencies carries maximum risk. With Memecoins we are talking about projects that have no direct basis. By definition, these are ponzi schemes where the only way to make money is to trick other users behind them into depositing money as well.

When we look at the Pambicoin Whitepaper, we encounter a three-page document that does not contain any technical information. Although the cryptocurrency’s value has fallen, Dalas Review’s account of Solana shows that he still owns 11.78% of the cryptocurrency, making him the second-largest investor in Pambicoin. Although the value is currently far from the initial boom, Dalas Review continues to encourage investors to continue betting on the cryptocurrency.

Dalas claims in the video that he helped several subscribers become rich, but does not disclose that he caused others to lose large amounts of money, as reflected in users’ comments on his video. What we saw on Dalas aligns with a very common scam on memecoins. Several users come together to create a bubble and sell at the right time when they see that it is gaining traction.

An illegal practice under the ‘Influencers Act’. The Dalas Review clearly falls within the category of the new General Law on Audiovisual Communications, which was announced in April 2023 and comes into force in the first quarter of 2024.

The law requires these influencers to report their business activities and ensure that certain content, such as promoting cryptocurrencies, is suitable for people over 18 years of age.

No warning messages regarding risks or warnings are shown in the different audiovisual content published by Dalas Review.

He could face a million-dollar fine. According to Article 160 of the ‘Influencers Act’, these Special Interest Users face fines from €10,000 to €1.5 million in the most serious cases.

For particularly serious violations, up to 60,000 euros if the revenue generated is less than two million euros; Up to 300,000 euros, up to 10 million euros and up to 600,000 euros, up to 50 million euros. If the profit generated is higher, penalties may increase up to 3%, with a maximum of 1.5 million euros.

in Xataka | Why I won’t invest in bitcoin or cryptocurrencies

Source: Xataka

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