Akshat Shrivastava
| Akshat Shrivastava | |
|---|---|
 Akshat_Shrivastava_H.webp | |
| Born | 1980/04/06 |
| 🏡 Residence | Delhi |
| 🏳️ Nationality | Indian |
| 💼 Occupation | Social media influencer, Financial influencer |
| Akshat_World | |
| akshat.world | |
Akshat Shrivastava is an Indian financial influencer who is best known for endorsing the cryptocurrency platform "Vauld" and its offerings to his followers. His followers reportedly lost millions in June–July 2022 when Vauld ceased operations after being booked for financial fraud.[1][2][3][4][5]
Vauld scam[edit]
Shrivastava often endorsed and recommended the cryptocurrency platform "Vauld" along with its lending and fixed deposit offerings on his YouTube videos.[6] He made several full-length advertorial videos for Vauld on his YouTube channel, including one titled "The best Fixed Deposit option with 0 taxes!" in April 2022.[7] Shrivastava was also a direct investor in the company.[5]
In June 2022, the Singapore-based Vauld completely ceased all operations, including deposits and withdrawals, which left millions of investors out of their money. The company stated that it was facing severe financial troubles and would apply to Singaporean courts for a suspension of any legal proceedings against itself.[6] In India, the Enforcement Directorate seized $46 million worth of Vauld's assets from its Indian operations "for facilitating crime-derived proceeds from predatory lending firms."[8]
Soon after Vauld went under, Shrivastava's followers took to social media to post figures of the money they lost due to Shrivastava's endorsement of the company. Consequently, a number of leading media outlets including The Indian Express,[9] Hindustan Times,[10] Mint,[1] Moneycontrol,[2] Business Today,[6] Zee Business,[11] Mid Day,[5] Outlook,[12] Inc42,[3] and TechCircle[4] questioned Shrivastava's credibility as a financial influencer/advisor. Shrivastava, however, continued to justify himself[13] and claimed that his losses in Vauld were very little.[5]
References[edit]
- ↑ 1.0 1.1 "Vauld crisis turns up heat on finfluencers pitching crypto". Mint. 6 July 2022.
- ↑ 2.0 2.1 "Are crypto investors losing faith in finfluencers?". Moneycontrol. 8 July 2022.
- ↑ 3.0 3.1 "Suspension Of Vauld's Operations Puts Spotlight On Credibility Of Finfluencers". Inc42. 9 July 2022.
- ↑ 4.0 4.1 "'Finfluencers' face the heat after crypto firm Vauld shuts shop". TechCircle. 7 July 2022.
- ↑ 5.0 5.1 5.2 5.3 "Stuck in the Vauld". Mid Day. 17 July 2022.
- ↑ 6.0 6.1 6.2 "Everything you need to know about Vauld; number of customers, key investors, and the way forward". Business Today. 7 July 2022.
- ↑ "The best Fixed Deposit option with 0 taxes!". YouTube. 5 April 2022.
- ↑ "India seizes $46 million from crypto exchange Vauld in money-laundering probe". TechCrunch. 12 August 2022.
- ↑ "'Only invested after watching videos on YouTube': Indian investors of Vauld blame influencers". The Indian Express. 8 July 2022.
- ↑ "Vauld crisis turns up heat on 'finfluencers'". Hindustan Times. 7 July 2022.
- ↑ "Influencers Draw Flak Over 'Misleading Communication; Watch This Special Report". Zee Business. 27 July 2022.
- ↑ "Should You Trust Financial Influencers After The Vauld Fiasco?". Outlook. 7 July 2022.
- ↑ "A Curious Case of Social Influencers in the Crypto Mess". Analytics India Mag. 19 July 2022.
