This 18-year-old TikTok star's reach in a medium often overlooked by regulators points to how difficult it can be to keep fishy financial advice and aggressive pitches from proliferating among uninformed investors. KevinTDugan reports
Uh-huh. Photo-Illustration: Intelligencer; Photo: @TikTokInvestors/Twitter/Getty Images It wasn’t even six months ago that Matt Lorion, who has more than a million followers across his multiple TikTok accounts, posted a video apologizing for boosting a cryptocurrency called Mando, a Star Wars–themed bitcoin knockoff — think The Mandalorian — that turned out to be a scam.
“Any time I see Matt Lorion, my eyes perk up,” said the man behind @TikTokInvestors, a popular Twitter account that tracks questionable financial advice on TikTok. He still works in finance and asked to stay anonymous because of previous attempts by angry TikTokers to dox him. “That guy is notorious.”
Lately, Lorion has refashioned himself as a trading guru. Gone are the videos about obscure crypto tokens, and in their stead are clips of the swoop-haired teenager explaining how to use technical analysis — that is, divining where an asset’s price may be headed based on current chart patterns — to predict the markets. He also appears to be focusing on a bigger game than just hawking tokens: trading itself.
Bluwave is far from alone in offering head-spinning, three-digit leverage ratios to financial neophytes. But Lorion’s latest hustle is coming at a precarious time, with highly leveraged trading for average investors being reined in by both regulators and industry players. Margin trading — another term for leverage — has come under scrutiny, with federal authorities on Tuesday fining a crypto exchange for allowing retail traders to borrow money to trade bitcoin.
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