Recently, British comedian John Oliver dedicated his weekly show to cryptocurrency. Drawing from a seemingly endless supply of ICO Ponzi schemes, pump-and-dumps, and grandiose cryptocurrency speakers, the program emphasized the hitherto lax regulations that have enabled fraudulent schemes to flourish.
Oliver coined the hashtag #CraefulGang, a play on the popular caption #HODLGang, well known to cryptocurrency enthusiasts. Where a drunken BitcoinTalk poster had advised investors to “HODL” (a typo for hold), Oliver warned them to be “Craeful” and do their own research before giving their savings to obscure ICO companies making wild claims.
Before the SEC zeroed in on the cryptocurrency investment space, announcing that it viewed ICOs as securities and issuing subpoenas left and right, the market was more akin to the Wild West than to Wall Street.