French authorities have arrested social media star Swagg Man for running a fake crypto investment scheme that defrauded investors of about €1.8 million.
His flashy online presence, including his YouTube channel TheSwaggManTV with 880k subscribers, helped spread the scam.
French police have arrested Swagg Man, a well-known influencer celebrated for his extravagant style, on charges of fraud in a case involving fake cryptocurrency investments.
Authorities say that Swagg Man used his social media presence to promote a fraudulent crypto scheme that tricked his followers into investing, resulting in losses totaling around €1.8 million.
Swagg Man built his reputation on bold videos and flashy posts that attracted a large following. Using his popularity, he convinced many of his fans to invest in what he claimed were promising crypto projects.
In reality, the investments were fake, and the promised high returns were never delivered.
The investigation by French authorities has revealed that the scam was carefully planned and executed as part of an organized fraud. The influencer misled investors by sharing attractive messages and videos that hid the real risks of the investments.
As a result, many of his followers sent money into the scheme, with one victim reportedly losing as much as €1 million.
This case marks a significant blow to a growing trend where social media personalities, sometimes called “influvoleurs,” use their influence to promote dubious financial schemes.
Swagg Man’s arrest sends a strong message that fraud, especially when conducted on social media, will be met with serious legal consequences.
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