Comedian Stephen Colbert spoofs ‘Colbert Coin’ in response to rise in crypto scams
Stephen Colbert, the charismatic host of CBS’ The Late Show, is as soon as once more associating many cryptocurrencies with scams — however doing so by parodying the vernacular of a seasoned HODLer.
In a Wednesday phase on members of Generation Z falling for scams inside and out of doors of the crypto house, Colbert referenced the rug pull behind a token impressed by Netflix’s present Squid Game, during which hundreds of traders misplaced greater than $3 million. Together with “certified young person” and employees author Eliana Kwartler, Colbert debuted an “amazing investment opportunity” designed to acquire folks’s bank card numbers, first pet names, and names of the road they grew up on.
“If Gen Zs want to stay safe online, they should invest in this new, amazing cryptocurrency token — it’s called Colbert Coin,” mentioned Kwartler. “With Colbert Coin, you give us your savings, and then we cryptocurrency it. After that, you never have to worry about it any more, my stans.”
“We’re busy turning your cash into future money — to the moon, apes!”
The host of each the Late Show and Colbert Report was one of many few late evening discuss present personalities to debate crypto as early as 2013, when the value of Bitcoin (BTC) was fluctuating between $50-300. At the time, Colbert described the crypto asset as one thing that has worth “just because a bunch of people on the Internet have agreed that it is worth something.”
Related: Bitcoin funds are the ‘second stupidest concept I’ve heard,’ says Late Show’s Stephen Colbert
Fellow comic Jon Stewart — who Colbert labored beneath as a correspondent on The Daily Show — joked a few comparable token undertaking utilizing his title in December:
And should you just like the “website” you’ll love my subsequent undertaking. Crypto “Stewcoin”!
— Jon Stewart (@jonstewart) December 16, 2021
In each the circumstances of Colbert and Stewart, their pretend initiatives parody a really actual downside within the crypto house: celebrities who shill tokens which will or might not turn into fraudulent. Kim Kardashian promoted EthereumMax (EMAX) on an Instagram story in June 2021, a token which gained 116,000% in a single week earlier than falling greater than 99% and leaving many traders within the purple.
According to a Thursday report from Chainalysis, scammers received $7.8 billion in crypto stolen from victims over 2021, of which greater than $2.8 billion got here from rug pulls. While the report famous that 90% of the whole worth misplaced to rug pulls in 2021 was the results of main Turkish crypto exchange Thodex halting buying and selling and withdrawals, all others concerned DeFi initiatives. Chainalysis attributed the prevalence of rug pulls to the “hype around the space” along with the dearth of code audits for sure DeFi initiatives.