A popular UFC fan account on social media has come under fire for allegedly promoting a cryptocurrency in what appears to be a pump and dump scheme. The incident highlights the ongoing issues surrounding crypto promotions in the MMA world.
According to screenshots shared online, the account UFC Roster Watch was accused of “shilling relentlessly” for a token called Cheng. Another social media user, identified as a MMA and crypto commentator, called out the account, stating:
The post included a chart showing the dramatic rise and fall of the Cheng token’s value, characteristic of pump and dump schemes where promoters hype up an asset before selling off their holdings, causing the price to crash.
The account in question is UFC Roster tracker which is basically an automated bot that notifies the public of changes on the NSAC list of athletes – ie whenever an UFC athlete is released or brought onto the roster, the roster updates.
This is not the first time the UFC community has been embroiled in controversial crypto promotions. Several UFC stars and affiliated accounts have faced scrutiny for promoting various crypto projects:
- Dillon Danis was reportedly tricked into promoting a fake NFT by an internet investigator.
- Paulo Costa promoted a cryptocurrency named after Joe Rogan’s dog.
- Chael Sonnen has been involved in crypto promotions.
- The UFC itself has partnerships with crypto companies, including Crypto.com as a kit sponsor and VeChain advertisements in the octagon.
While some cryptocurrencies associated with the UFC tend to follow general market trends, others, like the one in this incident, show signs of being deliberate pump and dump schemes. These schemes often rely on influencer promotions to artificially inflate value before a rapid crash.
Mixed martial arts attract a lot of young male fans who are even more succeptible than the general population to the ‘get rich quick’ schemes which is how they often get stuck holding the bag while a Dillon Danis type personality cashes in.
