As a seasoned crypto investor with a few scars from the volatile market, I can’t help but shake my head in disbelief as I read about the experiences of these celebrities. The world of cryptocurrencies and NFTs is fraught with risks, and it seems that some A-listers have learned this lesson the hard way.
Some famous individuals have experienced significant financial losses, ranging from questionable endorsements to unsuccessful ventures in the digital currency market.
Table of Contents
Celebrities and cryptocurrencies are never a good mix.
Multiple Famous Personalities have found themselves in trouble following their promotion of coins on social media platforms. Consequences include heavy fines totaling millions of dollars and ongoing class action lawsuits.
Some individuals have experienced significant losses after investing in expensive NFTs, which later saw considerable decreases in value. Nevertheless, these setbacks likely amounted to insignificant sums compared to their substantial financial reserves.
Without any more delay, let’s examine five celebrities who may now regret their involvement with cryptocurrencies.
Tom Brady
As a dedicated researcher studying the dynamic world of sports marketing, I’d like to share an intriguing observation about a notable NFL figure’s role as an eloquent endorser for FTX. This individual graced various advertisements on behalf of FTX, confidently advocating that it was an unparalleled platform for swift, effortless, and secure crypto investments.
As a crypto investor, I can share my disappointment when an exchange I trust disappoints. Regrettably, instead of providing access to my hard-earned savings, I found myself locked out.
Brady suffered a significant financial setback as well when Sam Bankman-Fried’s company went under, leaving his 1.1 million common shares in the business valueless.
He and several others are facing lawsuits from displeased FTX users, who claim that their endorsements played a role in the substantial financial damages totaling billions of dollars.
As an analyst, I’d put it this way: The legal battle over that case remains ongoing, and to make matters worse for the defendants, Sam Bankman-Fried is now supporting the plaintiff’s side. That’s a painful turn of events.
My 3-step plan for CryptoZoo, including a $1.3M rewards program for disappointed players.
Thank you, @coffeebreak_YT
— Logan Paul (@LoganPaul) January 13, 2023
Logan Paul
As a analyst, I’ve observed that some YouTubers have run into difficulties when trying to introduce cryptocurrency initiatives.
One individual among them was Logan Paul, known for spearheading CryptoZoo – a entertaining game that generates income.
As a crypto investor, I’ve been eagerly anticipating the launch of this game, having invested a significant amount in its non-fungible tokens. However, to my disappointment, the game still hasn’t seen the light of day. Despite our collective investment, it remains unlaunched.
As a researcher studying the cryptocurrency scene, I’ve come across various situations where projects face intense scrutiny from other influential figures in the community. One such instance is when CryptoZoo was subjected to thorough investigations by a well-known YouTuber named Coffeezilla.
As a researcher looking back on the events, I discovered that a year after Paul’s public apology for selling NFTs without proper ownership rights, he initiated a buyback program. Under this program, fans who had purchased NFTs from him were given the opportunity to sell them back to him, with an agreement that they would not pursue any legal action against him.
Lindsay Lohan has been linked to several undisclosed cryptocurrency promotions and NFT sales, with each tweet fetching between $20,000 and $35,000.
For instance:
Lindsay Lohan’s social media activity has included the promotion of undisclosed crypto projects and non-fungible tokens (NFTs), with each tweet earning her between $20,000 and $35,000.
Additionally:
Lohan’s tweets have been instrumental in endorsing hidden crypto initiatives and NFT offerings, bringing her a substantial fee of $20,000 to $35,000 per post.
— ZachXBT (@zachxbt) June 4, 2022
Lindsay Lohan
Instead of her past as a famed child actor in films, Lindsay Lohan significantly shifted gears and actively advocated for various crypto initiatives and NFT collections via social media, showing a newfound intensity.
As a researcher observing social media interactions, I noticed an issue with transparency. Some individuals, including this particular user, failed to inform their audience when they were receiving compensation for promoting products or services.
The SEC’s scrutiny fell upon her after she was allegedly found to have promoted Justin Sun’s Tron and BitTorrent tokens, resulting in unwanted investigation from the Securities and Exchange Commission.
In the end, she resolved the SEC accusations and became part of a group that included Ne-Yo and Akon, collectively forking over $400,000 in payment.
It’s rather unfortunate that a leaked spreadsheet from @zachXBT revealed that Lohan allegedly asked for $25,000 for endorsing projects or $20,000 just for a retweet.
Another painful reminder not to believe everything you see on social media.
Kim Kardashian
As a crypto investor, I’ve observed that Kim K’s massive Instagram following is similar to Paris Hilton’s influence in the past. And just like how Lohan endorsed a lesser-known coin named Ethereum Max, Kim K’s endorsement could potentially bring significant attention to this altcoin.
British officials suggested that the post could have had the largest viewership among financial promotions ever recorded.
As an analyst, I can share that I was able to persuade the Securities and Exchange Commission (SEC) to impose a penalty of $1.26 million upon her, and secure a commitment from her not to promote or endorse cryptocurrencies on social media platforms for the next three years.
In that case, she was paid a jaw-dropping $250,000 to plug EMAX.
After her post, the value of the altcoin plummeted dramatically, leaving 98% of its worth behind, fueling accusations that it was merely a speculative scam aimed at artificially inflating and then deflating its price.
Justin Bieber
Last but by no means least, let’s spare a thought for the baby-faced crooner Justin Bieber.
He spent an astonishing $1.3 million on a Bored Ape NFT during the peak of the NFT craze, yet the base price for this collection has significantly decreased since then.
The precise worth of his collectible is challenging to determine due to its unique and scarce characteristics. However, the highest bid visible on OpenSea amounts to 8.488 WETH, which equates to approximately $28,500 based on present market prices.
If he was crazy enough to accept such a bid, he would end up crystallizing a loss of 97.8%.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-07-03 15:53