Whether they are endorsing terrible coins they know nothing about, purposefully promoting terrible coins to steal your money, creating the token themselves and running a pump and dump, endorsing a project that fails or is a scam, or promoting something without disclosing payment, it’s clear celebrities are more than willing to rip off and scam their followers.
In my opinion, the biggest reason they are getting away with this is because no one is really holding them accountable outside of fines and some bad press. People aren’t boycotting people after they scam their followers and thus, they are getting the message that they can continue to do it.
The list is so long it couldn't all fit here so you can find the entire list here:
Crypto scams endorsed by celebrities have gotten so bad that the SEC actually created a fake ICO that takes you to this page teaching you about scams and warning you: https://www.investor.gov/ico-howeycoins. They also issued this statement after the Paris Hilton scam: https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos.
Since this method of getting celebrity endorsements has generally worked for scamming, there are also many scams run with fake celebrity endorsements. One I regularly see is fake live streams on YouTube ads pretending to do a giveaway.
After all my research, I’m left wondering who isn’t running a scam or doing something shady with cryptocurrency. My recommendation is to stick with good cryptocurrency that have products, not promises and to stay away from any celebrity endorsements.
Have you ever been scammed in the crypto space? Have you seen any celebrity endorsed crypto scams? What are your thoughts on celebrity endorsed products? Let me know what you think about this in the comments below and don’t forget to subscribe!
***Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated***
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