When Influencers Steal From Their Audience

More and more people say they’ve lost money after following advice from influencers. The videos seem convincing. The promises are attractive. But in the end, many are left disappointed. Complaints are growing, lawsuits are starting, and governments are taking action.

The Animoon Scandal in France

In France, one case stood out. Two well-known influencers, Marc and Nadé Blata, based in Dubai, promoted a project called Animoon. It was a collection of NFTs—digital assets you can buy online. They promised great returns.

But after people invested, the project disappeared. No one got anything back. Around 6.3 million dollars were lost. Victims grouped together and filed complaints. French authorities launched an investigation. The influencers’ Instagram accounts were removed. This case showed that influencers can betray the trust of their fans to make easy money.

The UK Fights Back

In the UK, the issue is also being taken seriously. The Financial Conduct Authority (FCA) launched a major campaign against “finfluencers” — influencers giving investment advice without authorization.

Three people were arrested. Others received formal warnings. The FCA also asked platforms like Instagram and TikTok to remove dangerous content. Over 600 posts and dozens of websites were taken down.

In 2024, nine influencers were charged for promoting a Forex trading scheme. They will stand trial in 2027. Some of them came from reality TV. They used their fame to sell unrealistic dreams, with no financial background at all.

Young People Are the Main Targets

These scams mostly affect young adults. Many follow influencers who talk about money. They believe they can change their lives fast. The videos look easy and inspiring. They seem trustworthy.

But most of these influencers are not professionals. They don’t have training. They often rent luxury cars or film in fancy hotels just to impress. They give bad advice or sell fake products. In some cases, the products don’t even exist.

Some young people lose all their savings. Others go into debt to buy useless courses. Many feel ashamed and never report it.

Social Platforms Are Also to Blame

These influencers grow fast thanks to social media. In just a few minutes, they can reach thousands of people. But platforms don’t always act fast enough. When scams are reported, it sometimes takes days to remove the content. Sometimes nothing happens.

Authorities are now asking platforms to do better. In the UK, only half of the harmful content reported in 2024 was actually removed. That’s not enough.

Stricter Laws Are Coming

In response to these growing scams, some countries have started to act. In France, a new law was passed in 2023. It bans influencers from promoting high-risk products like crypto or surgery unless they are certified.

If they break this law, they can face up to two years in prison and a €30,000 fine. Their social media accounts can also be banned. This is a strong signal that the government takes the issue seriously.

In the UK, the FCA wants tougher penalties. They’re calling for jail time of up to five years for illegal promotions. The debate is ongoing.

Australia Takes Action Too

In Australia, the regulator ASIC also took steps. They issued 18 warnings to local finfluencers giving illegal financial advice. One of them, known as ASX Wolf, is now wanted internationally for fraud. He had built a large Instagram following by pretending to be a market expert.

How to Stay Safe

It’s important to stay alert when watching money advice online. If someone promises fast money with little effort, be skeptical. Here are a few basic tips:

• Never invest in something you don’t understand

• Be cautious with influencers who show too much luxury

• Check if the person is actually licensed or just popular

• Don’t follow financial tips on TikTok or Instagram blindly

• Always get a second opinion from a professional before investing

Conclusion

The world of influencers has changed a lot. It can be inspiring and fun. But some creators abuse their power to scam their own followers. They sell dreams but leave people with financial nightmares.

Governments are starting to respond. But it will take time. In the meantime, everyone needs to be more careful. Media education and financial awareness are essential. People need to learn how to spot scams—even when they’re beautifully packaged.

Social media, easy money, quick success — this mix is dangerous. It must be discussed, exposed, and monitored. The goal is to protect young people and rebuild trust.

Not all influencers are bad. But some are not who they pretend to be.