Comedian Stephen Colbert spoofs ‘Colbert Coin’ in response to rise in crypto scams

Stephen Colbert, the charismatic CBS host ‘ The late show, once again associates many cryptocurrencies with scams, but does so by parodying the vernacular of an experienced HODLer.

In a segment Wednesday about Gen Z falling for scams in and out of the crypto space, Colbert referenced the carpet tug behind a token inspired by the Netflix show. Squid, in which thousands of investors lost more than $ 3 million. Along with “certified young person” and staff writer Eliana Kwartler, Colbert presented an “incredible investment opportunity” designed to get people’s credit card numbers, pet first names, and street names on the one they grew up with.

“If Gen Z wants to stay safe online, they need to invest in this amazing new cryptocurrency token, it’s called Colbert Coin,” Kwartler said. “With Colbert Coin, you give us your savings and then we exchange them for cryptocurrencies. After that, you will never have to worry about it again, my friends. “

Colbert Coin, from The Late Show with Stephen Colbert

Colbert added:

“We are busy turning your cash into future money, to the moon, apes!”

The host of both Late show Y Colbert report was one of the few late-night talk show personalities to talk about crypto as early as 2013, when the price of Bitcoin (BTC) was fluctuating between $ 50 and $ 300. At the time, Colbert described the crypto asset as something that has value. ” just because a group of people on the Internet have agreed that it is worth something. “

Related: Bitcoin Payments Are The ‘Second Stupidest Idea I’ve Ever Heard,’ Says Late Show’s Stephen Colbert

Comedian Jon Stewart, under whom Colbert worked as a correspondent on The daily showjoked about a similar symbolic project using his name in December:

In the cases of Colbert and Stewart, their bogus projects parody a very real problem in the crypto space: celebrities cheating tokens that may or may not turn out to be fraudulent. Kim Kardashian touted EthereumMax (EMAX) in an Instagram story in June 2021, a token that gained 116,000% in a week before falling more than 99% and leaving many investors in the red.

According to a report Thursday from Chainalysis, scammers received $ 7.8 billion in cryptocurrency stolen from victims during 2021, of which more than $ 2.8 billion came from carpet pulls. While the report noted that 90% of the total value lost to carpet pulls in 2021 was the result of major Turkish crypto exchange Thodex halting trading and withdrawals, all the rest involved DeFi projects. Chainalysis attributed the prevalence of carpet pulling to “hype in space,” in addition to the lack of code audits for certain DeFi projects.