It’s been almost a month since Augusto Backes, a self-proclaimed crypto influencer, made headlines for allegedly causing one of the largest losses to his followers in 2024. This time, the drama revolves around his Cryptocontrol app and its recommendation of CTXC, a move that ended in an 80% correction the very next day.
💥 What Happened?
Backes, through his Cryptocontrol platform, strongly hyped CTXC up as the next big thing. But within 24 hours, the token plummeted by more than 80%, wiping out portfolios. Instead of offering an apology, Backes reportedly responded with anger, denial, and mockery, claiming he wasn’t responsible for “grown men’s tears.”
❓ Does Cryptocontrol Only Highlight Overhyped Tokens?
The Cryptocontrol app has faced scrutiny, with critics accusing it of often recommending overbought or overstretched assets. These tokens, already inflated, leave little room for further upside, exposing followers to sharp corrections and massive losses.
⚖️ Should Influencers Be Held Accountable?
The case raises an important question: Should influencers like Backes compensate their followers for losses caused by bad advice?
Influencers carry a responsibility, especially when their recommendations influence significant investments.
However, crypto investments come with inherent risks, and followers should conduct their own due diligence instead of relying solely on influencer opinions.
📉 Backes' Reputation Under Fire
Critics argue that Backes lacks technical expertise, especially in chart analysis, and relies on selling courses and hype rather than delivering real value. If true, this strategy puts his followers at risk, as they may be acting on poorly researched advice.
💡 The Takeaway
This incident serves as a stark reminder for crypto traders:
Always DYOR (Do Your Own Research) and don’t blindly follow influencers, no matter how popular they are.
Understand the risks involved in trading high-volatility assets.
For influencers, this is a call to uphold transparency, accountability, and professionalism, as the trust of their audience is their most valuable asset.
What do you think? Should influencers like Augusto Backes face consequences for such losses? Or is it just the nature of the crypto market? Share your thoughts below!
#CryptoAccountability #CTXCPlunge #TradingResponsibly