On Wednesday, the popular @NFT Instagram account—which boasted 1.7 million followers and a blue verified check mark—became the subject of a viral Twitter thread accusing the account of repeatedly posting sponsored content and advertising new NFT collections without disclosing the posts as ads.

In a Twitter Spaces on Wednesday night, Aaron Avruskin, who co-founded Leverage Game Media—which is backed by Mark Cuban and owns the @NFT account along with several other social media accounts in the sports space—vowed to “immediately cease all ads” on the account and “try to be better” going forward. 

Too late: On Thursday, Instagram banned the @NFT account.

“This account was disabled following repeated violations of our policies, and it won’t be reinstated,” a spokesperson for Instagram parent company Meta told Rolling Stone. (As per the FTC’s social media influencer guidance, advertisements on social media must be disclosed in “simple and clear language,” such as with #ad or #sponsored tags.)

As for Cuban’s part, although the Leverage Game Media website listed him as a co-founder, the Dallas Mavericks owner and “Shark Tank” investor told Decrypt via email, “I’m an investor, I don’t operate the company” and directed us to Leverage Game Media for further comment. Cuban added that he is not a co-founder. 

Avruskin told Decrypt, “We apologize for any misunderstandings, and we will add additional layers of transparency in what we present to our community moving forward.”

As of Friday, the Leverage Game Media website has been updated to…

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