If KOLs in the cryptocurrency space frequently promote altcoin projects, many without receiving advertising fees and actively encouraging fans to trade altcoins (trading altcoins occasionally is fine), then this is harmful and malicious.

Without KOL promotion, many projects in the crypto space go unnoticed, and most retail traders rely on KOL information.

This is different from the stock market, where large-cap stocks can be traded without considering any KOL information, similar to alt stocks and altcoins.