The hype around crypto is spreading now more than ever. Currencies like Bitcoin, Ethereum or Binance are piquing the interest of people worldwide.
Celebrity investment has also played a part in the recent boom in the crypto market. But this association has often opened up a can of worms.
On Thursday, Actress Lindsay Lohan, YouTuber Jake Paul and six other celebrities were charged by the US Securities and Exchange Commission for touting cryptocurrencies on social media without disclosing that they were paid to do so.
Since celebrities are at the forefront of crypto promotions they are often more likely to fall under lawsuits due to promoting unregistered and fraudulent platforms.
It's best to know which celebrities are touting to make informed decisions about investment.
Kim Kardashian drew her follower's attention on social media to her supporting EthereumMax.
Her promotion is now the subject of a lawsuit that alleges that her promotion was a profiting scheme.
In 2021, Matt Damon appeared in a commercial for Crypto.com. A Bloomberg article also published that he is an investor in the platform.
The Tonight Show host promoted Bored Ape NFTs in one of his shows and is now being sued for his alleged involvement in promoting the token without disclosing his own financial stake.
Jamie Foxx was one of the first celebrities to advocate for a free cryptocurrency platform called Cobinhood in 2017.
The famous boxer announced on social media his support of the cryptocurrency Solana. He addressed his fans on how he's "all in" on the platform and feels the price of it will go high soon.
The Academy Award-winning actress announced that she purchased Ethereum and tweeted about the digitalisation of the "near" future.
In February 2021, Lohan promoted the TRX tokens on Twitter. According to reports, she was paid 10,000$ for her promotion of the token.
The state of celebrity involvement and promotion has become vulnerable as ill-informed investors get lured into it without making their own judgements.