Some of the projects Mr. Armstrong promoted were small, experimental crypto ventures that eventually ran into trouble. In these cases, he said, he also saw himself as a victim.
“They are going after the newbie crypto influencer that has just become popular and trying to figure out what to do and what not to do,” he said. “It’s hard to go from 12,000 subscribers to a million in a year and make the right decisions.”
Expand your cryptocurrency vocabulary
Mr. Paul rose to fame as a video blogger and occasional actor; YouTube once reprimanded him for posting images of a corpse he found in a Japanese forest. Over the years, he has turned his internet fame into an eclectic array of entrepreneurial activities, including a range of energy drinks.
Mr. Paul became interested in crypto last year when the NFT market started to explode. In a recent interview, he acknowledged that he was still learning how to navigate the crypto market, even as he tried to cash in on the technology. “I’m someone with extreme ideas, not really an executor,” he said.
Mr. Paul participated in some of the early brainstorming sessions for the Dink Doink project. But the company was eventually run by one of his roommates, Jake Broido, who gave Mr. Paul 2.5% of the tokens originally issued.
In a Twitterer Last June, Mr. Paul called it one of the “stupidest and most ridiculous” cryptocurrencies he had come across and distributed a video of a cartoon character singing sexually explicit lyrics. “That’s why I’m all for it,” he added. He also appeared in a shaky video on Telegram praising Dink Doink as arguably his favorite crypto investment.
The campaign was a flop and Paul was pilloried by YouTube critics. The price of Dink Doink fluctuated well below one cent before falling further in value over the summer. Mr. Paul said he never sold his tokens or took advantage of the project. But he said he regrets promoting the piece without disclosing his financial involvement. “I certainly didn’t act as responsibly as I should have,” he said.