• Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer
Thursday, March 23, 2023
Hays County News Online
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
  • Home
  • News
  • Business
  • Technology
    • Crytpocurrency
    • Gaming
    • Gadgets
  • Sports
  • Health
  • General
    • Business Services
  • Travel
  • Press Releases
  • Popular
No Result
View All Result
No Result
View All Result
Home Technology Crytpocurrency

Here Are The Celebrities Promoting Crypto — Even As Concerns Around Scams Mount – Yahoo Finance

here-are-the-celebrities-promoting-crypto-—-even-as-concerns-around-scams-mount-–-yahoo-finance
Share on FacebookShare on Twitter

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:

Gwyneth Paltrow

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.

Reese Witherspoon

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. 

Paris Hilton

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.”

Kim Kardashian

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. 

Kim Kardashian promoted the cryptocurrency Ethereum Max on her Instagram account in June.

Kim Kardashian promoted the cryptocurrency Ethereum Max on her Instagram account in June.

Matt Damon

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.

Jamie Foxx

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.

Charli D’Amelio

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.

Mike Tyson

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.

Tom Brady

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.

Floyd Mayweather

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.

Matt James

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

Hays County News Online

© 2021 Hays County News Online

Navigate Site

  • Disclosure
  • Privacy Policy
  • DMCA Policy
  • CCPA
  • Medical Disclaimer

Follow Us

No Result
View All Result
  • Home
  • DMCA Policy
  • Medical Disclaimer
  • Privacy Policy
  • Disclosure
  • CCPA
  • Terms of Use

© 2021 Hays County News Online

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT