A family of controversial Aussie TikTok influencers have been criticised for using their platforms to spruik cryptocurrency investments to their millions of young followers.
Atis Paul, his sister Anna Paul and girlfriend Mikaela Testa, who boast millions of fans across TikTok, Instagram and OnlyFans, late last month each used their Instagram stories to promote a new cryptocurrency called hushcoin.
Atis, who has no background in finance but says in his online bio that “I like my girlfriend and crypto”, also runs a private OnlyFans account called CryptoBullRuns, where subscribers can pay $49.99 per month to access “every MUST HAVE coin to add to your portfolio”, “daily updates on the coins I have recommended” and “regular new coin suggestion”.
Posting on Instagram last month to promote hushcoin, he shared a screenshot of his account with the figure $48,219.
“$38,219 profit from a $10k investment in three weeks,” he wrote.
“I have been researching crypto for a long, long time, 10-plus hours a day, I have made my family so much f***ing money this year. You all have been asking for it so it’s time to share this s*** with everyone – private group launching tonight, do not sleep on this.”
Earlier this month, Atis posted an Instagram story showing a screenshot of a direct message he had received, Business Insider reported.
“Bro I’ve made $11k from the coins you’ve posted and I only had $5k to start this is absolutely nuts hahaha,” the message said. “I was sceptical as f*** cause I had no idea what I’m doing but now I told all my mates about you.”
In the caption of the story, Atis wrote, “We’re really helping people eat out here. Keep ‘em guessing I guess.”
Anna, who is one of the country’s top OnlyFans earners, also promoted the new cryptocurrency on Instagram. “Go here now and grab yourself some hushcoins,” she wrote. “You’re some of the first to find out about this one. Great project, excellent team, low price, fresh, will moon.”
In an accompanying video she said, “I got into doge when it just dropped, when it was like 0.0000-something cents, and I didn’t post it on my story and I regret that so much ‘cos I could have helped so many people make money, and I’m not making that mistake again. Go hush, it just dropped and this time I’m actually going to tell you because I want to help you make money.”
She added, “This is not an ad, I’m honestly just trying to help. So yeah, swipe up to buy it.”
Meanwhile, Mikaela, who has more than 1.2 million followers on Instagram, wrote on her story that “anyone that’s been keeping tabs on my crypto stories know I be talking about a coin well before it even pops off, my followers are constantly DMing me thanking me for the bag I made them”.
“I might look like just some big booty Insta gal but I’ve got a big brain too and I’m telling you all hush is the next thing,” she wrote.
Journalists Kate, Amy and Sophie Taeuber from the Outspoken podcast, who first reported on the Paul family’s crypto spruiking, noted that the trio had insisted they were not connected to hushcoin and were simply trying to help their followers.
Speaking on the podcast last month, Kate said the response from the influencers’ followers had been mixed.
“There have been a lot of young, impressionable followers asking how they purchase the coin, and then there’s also been a lot of negative comments,” she said.
“Some followers have called hushcoin the ‘Fyre Festival for crypto’. There’s also been some followers accusing the cryptocurrency of being a pump-and-dump scheme.”
A number of followers questioned whether the posts violated the Australian Competition and Consumer Commission’s new influencer guidelines introduced last year, which require social media influencers to clearly disclose any paid content.
Some also questioned the influencers’ credentials to be providing financial advice, with one asking whether they held an Australian Financial Services Licence “to be operating a financial service product like you do?”
On his OnlyFans page, Atis claims that “all the information provided is general information and based on personal opinion” and is “not financial advice and should not be taken as financial advice”.
“It should be taken as pure entertainment,” the disclaimer states.
“We cannot legally guarantee any returns on the information provided and we do not guarantee success with the information we provide. Please always do your own research before investing into a project, do not invest solely off of the information provided. The owner of this group is not responsible for any losses that may occur from the information provided.”
While some experts have raised concerns about the growing trend of young social media influencers like the Pauls using their platforms to spruik cryptocurrencies, the federal government is taking a hands-off approach.
In a speech on May 20, Financial Services Minister Jane Hume rejected calls for tougher restrictions and said the boom in social media financial influencers was largely a good thing.
“We have to back Australians to be sensible enough to judge for themselves whether to put their hard earned money into higher-risk assets,” she told the Stockbrokers and Financial Advisers Association annual conference.
“The TikTok influencer spruiking Nokia is not that different to the bloke down at the pub who wants to tell you all about the really great company he just invested in – but with a much louder voice.”
Ms Hume said it did not classify as financial advice, “but as has been the case since taxi drivers started giving stock tips, it is an inevitable part of a financial ecosystem”.
“Some of the information and opinions that consumers receive from online forums will be bad. But some of it will be good. And a lot of it will better engage younger generations in investment and financial markets,” she said.
“A TikTok influencer is Generation Z’s Paul Clitheroe or Scott Pape.”
Atis Paul has been contacted for comment.