The witness recalled seeing a sponsored post on Instagram, of a Ferrari cruising past a bottle of Dom Perignon and then the champagne bottle popping. The witness could not recall what stock was mentioned.

But it was an image on the Instagram page of Tyson “ASX Wolf” Scholz, and part of an affidavit submitted in the first major case of the corporate regulator’s crackdown on so-called “finfluencers”.