5 wellknown figures scorched by cryptocurrency
From dubious endorsements to ill-fated investments, numerous celebrities have seen their fortunes dwindle after venturing into the realm of digital assets.
### Table of Contents
– Tom Brady
– Logan Paul
– Lindsay Lohan
– Kim Kardashian
– Justin Bieber
**Celebrities and cryptocurrencies** have often proven to be a volatile combination. Several top-tier personalities have found themselves in legal hot water for promoting coins on social media, resulting in hefty fines and facing lawsuits. Some have also experienced significant losses after purchasing high-priced NFTs, only to watch their value plummet. Nevertheless, these setbacks likely represented mere blips in their vast financial portfolios.
So, without further delay, let’s delve into the stories of five stars who might regret dabbling in crypto.
**Tom Brady**
The NFL icon became a prominent face for **FTX**, touting it as a swift, simple, and secure crypto investment platform through multiple advertisements. However, the exchange’s collapse froze out its users, including Brady, who suffered substantial losses from his 1.1 million shares rendered worthless by **Sam Bankman-Fried’s** company going under. To compound matters, Brady and others face litigation from disgruntled FTX clients who claim their endorsements caused billions in damages—an ordeal worsened by Bankman-Fried assisting the plaintiffs.
**Logan Paul**
YouTube personalities like **Logan Paul** also faced troubles launching crypto ventures. Paul spearheaded **CryptoZoo**, promising an entertaining game with monetary rewards, yet the game never materialized despite fans investing millions in its NFTs. Following scrutiny from fellow YouTuber Coffeezilla, Paul issued apologies and even repurchased NFTs from supporters under the condition they wouldn’t sue him.
**Lindsay Lohan**
Once a child star, **Lindsay Lohan** transitioned into a vigorous promoter of crypto projects and NFT collections on social media. However, her failure to disclose paid endorsements led to scrutiny from the Securities and Exchange Commission (SEC), particularly over her backing of **Justin Sun’s** Tron and BitTorrent tokens. Lohan settled SEC charges, joining other celebrities in paying a combined $400,000 in fines, underscored by leaked reports detailing her fees for promoting projects—a stark reminder to not believe everything seen on social media.
**Kim Kardashian**
With a massive Instagram following akin to Lohan’s, **Kim Kardashian** used her celebrity status to endorse **Ethereum Max**, a lesser-known altcoin. Her post reportedly reached unprecedented audience levels, attracting scrutiny from the SEC, which fined her $1.26 million and barred her from promoting cryptocurrencies on social media for three years. Kardashian was allegedly paid a quarter-million dollars to endorse EMAX, which subsequently saw a drastic 98% devaluation, prompting allegations of a pump-and-dump scheme.
**Justin Bieber**
Finally, pop sensation **Justin Bieber** invested a staggering $1.3 million in a **Bored Ape** during the NFT frenzy, only to see its value plummet. The current market offers for his collectible hover around $28,500, marking a staggering 97.8% loss if he were to sell. This downturn underscores the volatility and risks associated with NFT investments.
**Conclusion**
The stories of these celebrities serve as cautionary tales in the world of cryptocurrency. While their fame may attract attention, it doesn’t guarantee success—or shield them from financial pitfalls—when venturing into the unpredictable landscape of digital assets.
*Source: OpenSea*
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