‘Invested only after watching YouTube videos’: India’s Vauld investors blame influencers
The suspension of withdrawal and deposit services by popular crypto lending platform Vauld has caused panic in the crypto world. Many in India, however, have blamed popular YouTubers for promoting Vauld and influencing them to invest in the platform. “I only invested my money after watching videos on YouTube. Akshat Srivastava (creator of YouTube) was a big influence. He had quite a few followers and looked genuine, which made me given the confidence to invest in Vauld,” Saad Khan, 45, a Vauld user from Bhopal told indianexpress.com.
Khan has invested almost 60% of his savings, he says. He is angry with all the YouTubers who blindly promoted the crypto company. Srivastava is a YouTuber who is a cryptocurrency expert and often explains blockchain-related concepts like tokens and stablecoins. With 1.1 million subscribers, he has made several videos for Vauld and even for Vauld’s own YouTube page.
Interestingly, several YouTubers have promoted Vauld promising high returns on their investment. This includes Srivastava, Ankur Warikoo, Booming Bulls (1.07 million subscribers), among others. “The agenda for the videos was quite simple, invest your money and get 12% return on your fixed deposits,” said Sidhant Dutta, 30, another Vauld user from Guwahati.
For many users, Warikoo’s October 2021 YouTube video, which explains how he uses Vauld for bitcoin-based fixed deposits, was a big hit. “That video was the starting point, after that I watched all the videos he did on Vauld, and finally decided to invest,” said Samar G, 28, who calls himself a fan. from Warikoo.
However, Khan, Dutta and others agreed that YouTubers have repeatedly advised to invest in what you can afford to lose.
But just like users, YouTubers are also in a state of dilemma when the crypto firm suspended its operations. Srivastava in a YouTube live on Wednesday said Vauld was already working on a plan to release the fund from investors.
Warikoo posted stating that he had capital stuck with them. “It’s extremely unfortunate and not something I would have wanted when I worked with Vauld. As all of us (including me) are waiting to see what happens next, I hope you have all wisely invested in crypto for no more than 5-10% of your total portfolio, as I’ve always mentioned,” Warikoo said in a YouTube video.
Booming Bulls also said its funds were tied up in the business. “Before promoting a product, we make sure to do all the research. It’s unfortunate that this happened. It is impossible to predict what is happening in the crypto world, it is volatile and therefore, we always have a revelation that investments are risky,” Tushar Sharma, Brand Manager of Booming Bulls told indianexpress.com.
Meanwhile, Vauld blamed volatile market conditions for the move. “This is due to a combination of circumstances such as volatile market conditions, financial difficulties of our major trading partners which inevitably affect us and the current market climate,” Chief Executive Officer (CEO) Darshan Bathija said in a statement. on the society. website. Bathija also announced that there might be a solution because Nexo, the lender in the digital finance space is looking to acquire the business.
Indianexpress.com has also contacted Ankur Warikoo and Akshat Srivastava for comment, this story will be updated if and when they respond.