Many commentators have suggested that the latest nosedive of Bitcoin's market prices have been down to announcements from the Chinese and South Korean governments that new regulations are to be put in place, in order to better manage the world of cryptocurrency. However, new reports suggest that the fall of cryptocurrency values could have another source: supposed cryptocurrency 'scammers'.

Commentators have argued that some individuals have promoted crypto "Ponzi schemes". Some investors have pointed a finger at the popular YouTube channel creator CryptoNick.

CryptoNick, who is apparently a teenaged cryptocurrency millionaire, posts videos sharing advice on the best currencies and services to invest in. While he provides a disclaimer, stating that he is not a professional financial advisor, his videos are some of the most popular crypto financial advice videos on the net. CryptoNick frequently promoted Bitconnect, the exchange and lending cryptocurrency company, on his channel, making money from his promotions.

After frequently promoting Bitconnect on his channel, the business has now shut down, following their receipt of a series of cease-and-desist letters accusing the business of fraudulent activity. On his YouTube channel, the young YouTube star said he was shocked that the "great platform" was closing down, saying that he was still trying to process the news.