Celebrities who got burned endorsing crypto and those who got away with it

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Celebrities have had a tough year promoting crypto businesses and projects throughout 2022.

Many have found themselves named in lawsuits for their alleged promotion of projects that have since failed, while others have been relentlessly mocked on social media for their involvement in the first place.

From movie stars to TV actors, sports stars to musicians, plenty of celebrities may regret their endorsement deals last year, but that doesn’t mean there haven’t been exceptions.

Who got burned?

In February last year, American comedian Larry David, who co-created the television series Seinfeld, appeared in a now-defunct Super Bowl commercial for FTX, which encouraged users not to miss the next big thing.

David has since been named in a class action lawsuit that alleges he, along with other celebrities, promoted FTX to unsophisticated investors without performing due diligence on the exchange.

He is also under investigation by the Texas State Securities Board regarding payments received by FTX for his endorsements, among other celebrities.

Meanwhile, movie star known for his role in the Bourne Identity film series, Matt Damon, continued to poke fun at his role in the $100 million promotional campaign for Crypto.com.

Damon was even satirized by the animated series South Park when Season 25 premiered in February 2022.

If you bought $1,000 worth of bitcoins the day Matt Damon’s “Fortune Favors the Brave”! commercial is out it would now be worth $375 pic.twitter.com/rp5IdjBD3m

Jon Black (@black) June 13, 2022

In the world of sports, Japanese tennis player Naomi Osaka signed on to be an ambassador for FTX on March 21.

Like the co-creator of Seinfields, Osaka is also named in a lawsuit along with other high-profile celebrities who have endorsed FTX, including basketball legends Shaquille ONeal and Stephen Curry, and NFL quarterback Tom Brady.

Professional boxer Floyd Mayweather was also named in a 2022 crypto promotion lawsuit for his alleged promotion of EthereumMax, although the lawsuit was ultimately dismissed by a federal judge in December.

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In the music world, American rapper and hip-hop artist Snoop Dogg has been named in a class action lawsuit for allegedly promoting Bored Ape Yacht Club non-fungible tokens (NFTs), along with other musicians, including Madonna, Justin Bieber, Post Malone and DJ Khaled. .

The lawsuit names more than 40 people and companies as defendants, including tennis professional Serena Williams, actress Gwyneth Paltrow and comedians Jimmy Fallon and Kevin Hart.

who got away with it

Interestingly, not all celebrity endorsements of crypto firms have been viewed in a negative light, nor have they caught the attention of class action lawyers.

On June 30, 2022, Binance announced that it had recruited popular TikTok personality Khaby Lame as an ambassador.

The deal was seen as positive for the crypto industry, as Lames’ ambassador deal is part of Binances’ mission to increase awareness and adoption of Web3 globally.

Musician DJ Steve Aoki has jumped into the NFT world with fantasy sports and sports betting operator DraftKings announcing the hitmaker as the brand ambassador for its NFT marketplace.

Related: Tom Brady and Other Celebrities Named in Class Action Lawsuit Against FTX

American rapper Eminem performed alongside Snoop Dogg during the VMAs to perform their NFT track “From The D 2 The LCD” with Otherside and Bored Ape NFTs.

In the sports world, David Beckham has become the global ambassador for blockchain company DigitalBits, launching his own range of NFTs.

He appears to have avoided any accusations of wrongdoing despite the DigitalBits founders being charged in an investor lawsuit with diverting development money to expensive sports deals and luxury travel, according to a report. of January 2022 from the New York Times.

Meanwhile, legendary soccer player Lionel Messi has struck deals with Singapore-based Bitget, fantasy sports platform Sorare and digital fan token company Socios.com.

Cristiano Ronaldo’s foray into crypto sponsorship also appears to have gone down well in the community, working with Binance to launch an exclusive NFT collection allowing collectors to receive perks including a personal message from Ronaldo and merchandise. signed.

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