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

“We’re busy turning your cash into future money — to the moon, apes!” said the Late Show host.

Stephen Colbert, the charismatic host of CBS’ The Late Show, is once again associating many cryptocurrencies with scams — but doing so by parodying the vernacular of a seasoned HODLer.

In a Wednesday segment on members of Generation Z falling for scams inside and outside of the crypto space, Colbert referenced the rug pull behind a token inspired by Netflix’s show Squid Game, in which thousands of investors lost more than $3 million. Together with “certified young person” and staff writer Eliana Kwartler, Colbert debuted an “amazing investment opportunity” designed to obtain people’s credit card numbers, first pet names and the names of the street on which they grew up.

“If Gen Zs want to stay safe online, they should invest in this new, amazing cryptocurrency token — it’s called Colbert Coin,” said Kwartler. “With Colbert Coin, you give us your savings, and then we cryptocurrency it. After that, you never have to worry about it any more, my stans.”

Colbert Coin, from The Late Show with Stephen Colbert

Colbert added:

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

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

Related: Bitcoin payments are the ‘second stupidest idea I’ve heard,’ says Late Show’s Stephen Colbert

Fellow comedian Jon Stewart — under whom Colbert worked as a correspondent on The Daily Showjoked about a similar token project using his name in December:

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

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


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

New Strategic Partner for CheersLand: Medabots

Cheerlands has made an announcement about its partnership with Medabots, which is one of the best GameFi projects across the world. So it is the new strategic partner, and both of them will be working together in terms of cross-marketing, staking, working with tournament organizations, and competitions to grow each other’s projects in various ways.

FTX Ventures to Support Development of Product Categories

The segment of technology services is going through a phase of comprehensive transformation. Many competitive players are entering into the segment, and as a result, all stakeholders, including customers and investors, are getting access to new-age services and technology products. The organization is now gearing to make the future of the ongoing web3 Revolution even

Sphynx Labs Is Looking Forward to Integrating with Chainlink

Sphynx Labs, called the decentralized exchange, is officially integrating three different decentralized services, Chainlink, the leading network of Oracle, in a decentralized manner. Sphynx is working towards the enhancement of functions in its platform by- Using Chainlink VRF to verify that its drawing games are provably fair. Working with Chainlink Keepers to provide additional stop-loss

SundaeSwap and the ISO to Go LIVE on Thursday

The long-awaited moment has arrived! The information about the launch of  SundaeSwap DEX is presented in an easy-to-understand format below. Important Dates and Points to Remember: SundaeSwap will go live as a completely operational beta decentralized exchange on 20 January Thursday. The 1st round of ISO prizes will be determined on 25 January Tuesday. To