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Fortune
Fortune
Shawn Tully

Inside Binance: Vast profits, hefty influencer payouts, and a ticking time bomb on its balance sheet

(Credit: Logo Courtesy of Binance)

When it comes to flamboyant evangelists, it’s hard to top Carl Runefelt. The Swedish social media star boasts 4 million followers across YouTube, Twitter, Instagram, and TikTok. He’s passionate about the “good life,” his 1,001-horsepower Bugatti Veyron, his yacht in Monte Carlo, and his $1 million watch. He even paid to have his face appear on a Formula 2 race car as a high-speed billboard for his brand.

But his true love—even after FTX, even after Bitcoin cratered by two-thirds—is crypto. Over the years, Runefelt, who goes by the Twitter handle TheMoonCarl, has posted a steady stream of QR codes, imploring followers to sign up as his affiliate members and dip their toes into trading on his favorite exchange, Binance. Hey, if this onetime grocery clerk can win a king’s ransom betting on crypto, why can’t you?

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