No Comments

Here are the celebrities promoting crypto — even as concerns around scams mount – Yahoo Finance

Cryptocurrency popularity has boomed in recent years, and celebrities have gotten in on the fanfare. But as criminal activity in the space soars, so has the likelihood that influencer endorsements could lure investors into costly digital-asset scams.
Kim Kardashian, Floyd Mayweather, and former NBA star Paul Pierce are among recent celebrities in the hot seat for their crypto promotions, accused in a lawsuit filed earlier this month in California of using their fame to “pump” a little-known cryptocurrency called EthereumMax as part of a larger scheme to profit themselves and defraud investors.
For Mayweather, the lawsuit marks the second time the boxer has come under scrutiny for allegedly making misleading statements around crypto. In 2018, the Securities and Exchange Commission charged Mayweather and music producer DJ Khaled, for failing to disclose payments they received for promoting investments in initial coin offerings.
Fraudsters have also misused high-profile figures without their knowledge to coax fans, using the faces of famous names including Prince Harry and Meghan Markle, Bill Gates, Mark Zuckerberg and Sir Richard Branson to promote fake endorsement schemes related to bitcoin (BTC-USD).
This makes celebrity promotions of cryptocurrencies particularly vulnerable to criticism as ill-informed investors rush to get in on speculative products because stars they admire are into crypto. It explains why Reese Witherspoon became the subject of backlash after a Jan. 11 tweet backing “avatars, crypto wallets and digital goods,” and why Matt Damons’s crypto commercial turned into a laughing stock online.
In the UK, Britain's financial watchdog recently outlined plans to restrict the marketing of crypto assets and other high-risk investments amid the boom in ads and endorsements from celebrities. Even amid criminal allegations over such promotions and increased scrutiny from the public and regulators, the list of popular names endorsing crypto to their audiences of millions is growing. 
Here are some of the stars (in no particular order) who have lended their names to promote digital assets:
Academy Award-winning actress and Goop founder Gwyneth Paltrow recently offered up a $500,000 bitcoin giveaway to her 2.7 million Twitter followers. The announcement comes after her recent participation in a $200 million debt and equity financing round for the crypto mining company TeraWulf, which aims to produce bitcoin using 100% zero-carbon energy.
Buying crypto has often felt exclusionary. In order to democratize who can participate, @CashApp is now making it easy to gift Bitcoin. I’m giving out $500k worth of Bitcoin for the holidays. Follow @cashapp + drop your $cashtag below w/ #CashAppGifting to enter.
— Gwyneth Paltrow (@GwynethPaltrow) December 20, 2021
After first making crypto headlines last September when she announced she purchased ethereum (ETH-USD), Academy Award-winning actress Reese Witherspoon had fans scratching their heads earlier this month with a tweet about the digitization of the "near" future. 
In the (near) future, every person will have a parallel digital identity. Avatars, crypto wallets, digital goods will be the norm. Are you planning for this?
— Reese Witherspoon (@ReeseW) January 11, 2022
Paris Hilton has repeatedly expressed her enthusiasm for digital assets, including cryptocurrencies and NFTs, even holding events in the metaverse. She also previously endorsed NFT technology on "The Tonight Show Starring Jimmy Fallon."
Loves it #Bitcoin😍💎 https://t.co/qST5nhFWpx
— ParisHilton.eth (@ParisHilton) September 3, 2021
In an Instagram post last summer, Kim Kardashian asked her 250 million followers: “Are you guys into crypto????” before drawing their attention to a little-known token called EthereumMax. The promotion is now the subject of a lawsuit that alleges the endorsement was a profiting scheme by Kardashian and other celebrities involved. 
Matt Damon was the poster boy in a global advertising campaign rolled out by Crypto.com, which released the following ad (see below) this month. The commercial became the subject of scrutiny over concerns Damon's missive in the clip was encouraging young investors to put money into high-risk crypto assets.
Matt Damon doing a crypto ad. Jesus Christ does he not have enough money already pic.twitter.com/mS3tUgJ6HT
— Ken Klippenstein (@kenklippenstein) January 3, 2022
In 2017, actor Jamie Foxx became an early celebrity endorser of crypto when he promoted the token sale of Cobinhood, a free cryptocurrency trading exchange.
Looking forward to participating in the new @cobinhood Token! ZERO fee trading! #CryptoCurrency #BitCoin #ETHhttps://t.co/1XFiosn22S pic.twitter.com/A7es0C2Rxr
— Jamie Foxx (@iamjamiefoxx) September 18, 2017
The family Instagram account of TikTok star Charli D'Amelio posted a photo with a caption thanking the cryptocurrency exchange Gemini for her birthday gift of bitcoin in May as part of a partnership with the platform.

View this post on Instagram


A post shared by The D’Amelios (@dameliofamilyofficial)
Mike Tyson recently announced that he was “all in” on the cryptocurrency Solana (SOL-USD), asking his 5.7 million Twitter followers in a separate tweet how high they think the price of the crypto will go.
All in on Solana… Just copped a Catalina Whale… pow pow! pic.twitter.com/97voS15B8y
— Mike Tyson (@MikeTyson) January 12, 2022
Tom Brady has actively promoted crypto on his social media accounts. He and his wife, supermodel Gisele Bündchen, starred in a $20 million ad campaign for crypto exchange FTX.
Alright the laser eyes didn’t work. Anyone have any ideas? https://t.co/43WyShRxr2
— Tom Brady (@TomBrady) June 28, 2021
Boxing champion Floyd Mayweather was accused in a lawsuit filed this month in California of using his fame to “pump” a little-known cryptocurrency called EthereumMax as part of a larger profiting scheme. In 2018, the Securities and Exchange Commission charged Mayweather with failing to disclose payments he received for promoting investments in initial coin offerings.
You can call me Floyd Crypto Mayweather from now on #HubiiNetwork #ICO starts tomorrow! Smart contracts for sports?! #CryptoMediaGroup #ad🤑 pic.twitter.com/25GoMPuS7r
— Floyd Mayweather (@FloydMayweather) August 23, 2017
The former "Bachelor" star and entrepreneur Matt James has been actively promoting crypto investing and NFTs, but is careful to note that he is not giving professional financial advice, he is just educating. 
"I'm never instructing people to buy," he said on Yahoo Finance Live earlier this month. "I'm giving them information about why I'm doing the things I'm doing and why I have strong convictions, in particular, from a scarcity standpoint in bitcoin.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn
Top dog-inspired cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have been hit hard by the market volatility we've seen in the crypto world in recent weeks. Dogecoin and Shiba Inu saw increases of 9.2% and 9.3%, respectively, over the past 24 hours. A market-driven rebound in the crypto world appears to be responsible for most of the rally in these meme tokens.
(Bloomberg) — The investment approaches of Cathie Wood and Warren Buffett couldn’t be more different. But over the past two years, their investors have ended up with almost exactly the same results.Most Read from BloombergStocks Get Crushed in Risk-Off Day as Bonds Rally: Markets WrapUAE Says New Attack Repelled as Yemen’s Houthis Vow MoreCrypto Crash Erases More Than $1 Trillion in Market ValueChina’s ‘Little Giants’ Are Its Latest Weapon in the U.S. Tech WarSolana Suffers Network Instability
Rams-Bucs under bettors had to feel good with four minutes left.
Hackers posing as YouTube crypto influencers asked viewers to send crypto to a Binance Smart Chain wallet in exchange for OWYC.
Following last week’s U.S subcommittee hearing on crypto mining, Fitch Ratings looks at the key risks to U.S public power utilities.
The cryptocurrency market, which boomed at the beginning of the pandemic, has fallen precipitously from its all-time high. Since November 2021, a sell-off of the emerging asset class has halved its global market value from $3 trillion to $1.5 trillion as of Jan. 24. While crypto has been an exceptionally volatile asset class, its fortunes have largely escaped the influence of traditional market forces.
Rep. Liz Cheney (R-Wyo.) slammed former Republican Speaker Newt Gingrich (Ga.) after he suggested that members of the select congressional committee investigating the Jan. 6, 2021, attack on the U.S. Capitol by supporters of former President Trump may be jailed for their work. Gingrich, who has reportedly been advising Republican leadership over the last several months, predicted during an appearance on Fox News on Sunday that the GOP will…
Something infectious is spreading through the workforce. Its symptoms present in a spate of two-week notices. Its transmission is visible in real time. And few bosses seem to know how to inoculate their staff against this quitagion. It catches quickly. “There’s a shock when you see multiple people leaving; it’s like, oh, is there something I’m not seeing?” said Tiff Cheng, 27, who left her job in digital marketing in July along with five of her close friends at the 40-person agency. “Is it my ti
U.S. stocks extended their losses at the start of Tuesday's session as investors await the Federal Reserve's policy-setting meeting amid worries over fast-approaching rate hikes and a lackluster start to earnings season.
Panic-like behavior takes hold on Wall Street, at least from a technical perspective, as the stock market's drop gathers steam on Monday.
Holly Madison shares intimate details about Hugh Hefner and her time at the Playboy Mansion in Monday's Secrets of Playboy premiere. Madison launched to fame on E!'s The Girls Next Door as Hefner's number one girlfriend, dating the American publisher from 2001 to 2008. "I wasn't physically attracted to Hef, but I did find him very charming," Madison admits in the A&E docuseries.
Artificial intelligence promises to be one of the most transformative technologies of our time, and Upstart is proof.
The ongoing saga between Kelly Clarkson and ex Brandon Blackstock over their Montana ranch has finally concluded. It’s an ending that is still somewhat baffling given the fact that the former music manager fought to the bitter end until the pop star gave him a small slice of the property — and honestly, it’s small […]Microsoft (NASDAQ: MSFT) recently agreed to buy Activision Blizzard (NASDAQ: ATVI) in a $68.7 billion all-cash deal. It marks Microsoft's biggest acquisition ever and would presumably widen its moat against Sony (NYSE: SONY) in the console gaming market. In its press release, Microsoft declared the deal would also provide the "building blocks for the metaverse," a claim which many media outlets parroted without any deeper elaboration.
Tiktok users responded to her video with sexist comments about her clothes
You'll want to buy one before you hit the beach.
Markets went into retreat on multiple fronts on Monday, as the rising drumbeat of war in Europe gave pace to a rout in US technology stocks and compounded fears that the longest bull run in history is finally ending.
It's two-for-one eco car day in for this environmentalist.
A woman recently took to social media to share the story of how her ex-boyfriend cheated on her and then dumped her after she donated one of her kidneys to save his life. According to Le, her ex-boyfriend revealed that he was diagnosed with chronic kidney disease at the age of 17 and was on dialysis since then, because his kidney function was less than 5%. Since she did not want to see him die, Le got tested to find out whether she was a compatible kidney donor.
“I did not feel safe. No one was looking after me,” she said in a new documentary.

source

You might also like

More Similar Posts

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Menu