What is the most embarrassing moment for a media house? Well, fake news is for sure embarrassing. Shoddy reporting too can make a media house look cringeworthy. But it is a PR fail that leaves you looking really bad, and this is exactly what has happened with NDTV. The media house was trying to promote cryptocurrency and luring its viewers into quitting their full-time jobs. But people didn’t take it too well for obvious reasons.
NDTV tries to promote Crypto trading
In a now-deleted tweet, NDTV stated, “Would you quit your job to get into crypto full-time?” Well, Brenda Gentry, (@MsCryptomom1), AKA “Cryptomom”, did just that—and now she makes up to $80,000 a month!” The tweet also stated that it was “in partnership with @Coinswitchkuber”.
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The tweet also carried a snippet from the show “Coffee and Crypto”. The show is a recent NDTV production in association with, well yes, you got it right— CoinSwitch.
In its December 24 episode, NDTV anchor Sonal Mehrotra Kapoor introduced Brenda Gentry, or “Cryptomom” to the viewers as an apparently super-successful crypto trader who makes $80,000 a month.
NDTV takes down the Cryptomom tweet
Well, unfortunately for NDTV, not many people were impressed by the scheme that the news network was promoting. And they called out NDTV for its irresponsible behaviour.
Rajeev Mantri tweeted, “The kind of irresponsible, poisonous garbage being peddled by crypto exchanges is unacceptable and unconscionable. Do note, this is clearly a paid media partnership with one of the well-funded unicorn exchanges. This is what regulators should crush mercilessly.”
https://twitter.com/RMantri/status/1475357001559412742?s=20
Author Harsh Madhusudan tweeted, “Remarkable journalistic “ethics”. You are encouraging people to leave their jobs for some pie in the sky quasi-Ponzi scheme. How much did NDTV’s ‘partner’ pay for this plug? I think SEBI, RBI, MoF and MoIB should investigate – and have norms around transparency for such funding.”
Remarkable journalistic “ethics”. You are encouraging people to leave their jobs for some pie in the sky quasi-Ponzi scheme.
How much did NDTV’s ‘partner’ pay for this plug? I think SEBI, RBI, MoF and MoIB should investigate – and have norms around transparency for such funding. https://t.co/eSpmXNGsS2
— Harsh Madhusudan (@harshmadhusudan) December 27, 2021
Some other Twitter users also slammed the media house. One of them said, “Well NDTV is an important elite signalling device and needs money which crypto is awash with. As crypto becomes more hip among elites, other sections of society will get major FOMO and follow suit. Latter are going to suffer and it’s tragic that this isn’t still being regulated.”
Well NDTV is an important elite signalling device and needs money which crypto is awash with. As crypto becomes more hip among elites, other sections of society will get major FOMO and follow suit. Latter are going to suffer and it’s tragic that this isn’t still being regulated. https://t.co/jVPpoE5pmI
— Saurabh Todi (@saurabhtodi) December 27, 2021
Another one advised NDTV to not “peddle such narratives. Very dangerous.”
Please don’t peddle such narratives. Very dangerous. https://t.co/e9bo6JUQWR
— Gabbar (@GabbbarSingh) December 27, 2021
The next thing you know, NDTV deleted its tweet in a bid to avoid more outrage.
Government looking to tighten regulation
While NDTV seemingly tried to promote crypto trading, the government is mulling tighter regulation. An upcoming crypto bill, which has not yet been tabled in the Parliament, may restrict exchange-to-exchange transfers.
Sources believe that there will be a blanket ban on trade among bourses, restrictions on wallets that mask owner’s identity and block Google Chrome extensions that allow users to move around 4,000 cryptos.
For many cryptocurrency exchanges, the uncertainty regarding their freedom of action in the future is a big challenge. Their future seems uncertain, and so they are trying to up their PR campaign and telling people how they can get super-rich in no time.
Read more: Namaz on roads: Gurgaon villagers protest against NDTV over its coverage
They are now trying to do everything under their control, including roping in news networks to bring in more customers. But while it may seem that you can get super-rich in no time through crypto trading, cryptocurrencies are highly volatile. In August, NDTV itself carried a report titled, “What Makes The Cryptocurrency Market So Volatile? Find Out.”
Crypto trading is, thus, not as rosy as it seems, and it isn’t certainly something you can lose your job for.
