Blockchain detective ZachXBT has revealed that more than 200 influencers have been charging thousands of dollars, sometimes as much as $60,000 for a single post, to promote token projects.

However, what is more worrying is that fewer than five out of over 160 accepted deals bothered to disclose their promotions as ads, raising serious questions about transparency and potential market manipulation.

Inside the Leak

A spreadsheet shared by the investigator on X showed a tiered pricing system resembling a media-buying schedule. High-profile accounts charged between $5,000 and $10,000 per post, while micro-influencers in lower tiers accepted just a few hundred dollars.

At the top, one figure going by the X handle @atitty_ reportedly pocketed $60,000 for giveaway-style posts designed to farm engagement.

According to ZachXBT’s analysis of the data, which included reviewing blockchain transactions to confirm payments, more than 160 accounts accepted a deal from a single project. Of those, he stated, “I only saw 5 accounts actually disclose the promotional posts as an advertisement.”

This practice, as he noted, is “illegal in most jurisdictions but just is rarely enforced.”

Community reaction was swift, with The OTC Network cofounder Erick arguing that failing to tag posts as ads amounts to deception: “It’s wild people in crypto don’t see the need to alert their following with a #ad at the end of the post.”

Critics also highlighted repeat offenders. For instance, pseudonymous researcher “dethective” pointed out that two accounts, @Regrets10x and @lynk0x, appeared to be run by the same person and even got paid twice by a single project. Their analysis further revealed that many influencers earned more through promotions and insider deals than from actual trading.

Market Narratives for Sale

While many acknowledge that paid promotions are a legitimate part of the industry, the near-total absence of disclosure is seen as a fundamental breach of trust.

“I don’t mind promoting posts, but if you get straight payment for that, it could be nice if youd disclose it,” remarked one user. Previously, an award-winning crypto influencer was forced to temporarily deactivate his X account after being outed for using bots to manipulate his social media metrics.

The discussion has expanded beyond simple shilling to question the very nature of “organic” hype. One observer said the leak shows “how modern crypto narratives are manufactured,” suggesting that what appears as genuine community excitement is often a “pre-priced, pay-for-play distribution” designed to manufacture belief and create exit liquidity for insiders.

While some players in the space have defended themselves by claiming they only promote tokens they “believe in,” critics remain skeptical. According to analysts, the takeaway is clear: paid promotion without disclosure is not just an ethical lapse but a systemic problem that distorts markets.

With regulators already under pressure to tighten oversight of crypto advertising, this leak could draw unwanted attention to both influencers and the projects funding them. Last year, the UK’s Financial Conduct Authority released guidelines for meme coin influencers, warning that promoting such products without its approval could constitute a criminal offence.