Instagram has blocked Mark Cuban’s @NFT Instagram account

The billionaire and investor has been accused of publishing sponsored content without proper “disclosure”

05.02.2022 - 08:10

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The billionaire and investor has been accused of publishing sponsored content without proper “disclosure.”

What’s new? The popular Instagram account with 1,7 million followers, @NFT, has been blocked by the platform’s administration. According to the company’s statement, the page owner, Mark Cuban, repeatedly violated the platform’s rules by posting sponsored content without warning of investment risks, Rolling Stone reports.

Rolling Stone’s material

Where did it all start? Earlier, a Twitter user nicknamed Space Cowboy publicly accused the @NFT account and billionaire Mark Cuban himself of “promoting fraudulent projects without proper disclosure.” He also claimed that Cuban was paid $100 000 for each promotional post, with most of the posts not labeled as sponsored content.

a Mark Cuban owned Instagram account w/ 1.7m followers is promoting a shadowy cabal of scammy copy pasta NFT projects without proper disclosures, thus taking serious advantage of the less informeda thread 🧵 pic.twitter.com/LSuyAmj5MQ— TSF | Space Cowboy (@topshotfund) February 3, 2022

Space Cowboy analyzed the projects that the account advertised. 25 of the 36 tokens have either fallen in value or have hardly changed in any way. This fact provoked a strong reaction from users on Twitter and attracted the attention of the Instagram administration. After the account was blocked, Meta’s representative stated that this page would never be restored.

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