From suspicious endorsements to bad investments, several celebrities have lost millions of dollars after venturing into digital assets. Let’s explore the stories of five stars who faced significant setbacks in the cryptocurrency world.

Tom Brady

The NFL legend was a vocal brand ambassador for FTX, appearing in multiple adverts to claim it was a fast, easy, and safe way to invest in crypto. Unfortunately, the exchange proved unreliable, leaving customers unable to access their savings. Brady himself faced substantial losses as his 1.1 million shares in the company became worthless. Additionally, he is involved in a lawsuit with aggrieved FTX users who allege that his endorsements caused significant financial damage. The case is still ongoing.

Logan Paul

Famous YouTuber Logan Paul found himself in hot water after attempting to launch a crypto project called CryptoZoo. Despite fans spending millions on non-fungible tokens (NFTs), the game never launched. Intense investigations by a rival YouTuber, Coffeezilla, further scrutinized the project. Paul eventually apologized and started buying back NFTs from fans to mitigate legal issues.

Lindsay Lohan

Former child star Lindsay Lohan aggressively promoted various crypto projects and NFT collections on social media. However, she often failed to disclose that she was being paid for these endorsements. This led to charges from the Securities and Exchange Commission (SEC), accusing her of promoting Justin Sun’s Tron and BitTorrent tokens. Lohan settled the charges and paid part of a $400,000 combined penalty with other celebrities. A leaked spreadsheet revealed she charged $25,000 per promotion, highlighting the risks of believing everything seen on social media.

Kim Kardashian

Kim Kardashian used her vast Instagram following to endorse a lesser-known altcoin called Ethereum Max (EMAX). British officials claimed her post might have been the financial promotion with the largest audience reach ever. The SEC fined her $1.26 million and banned her from endorsing cryptocurrencies for three years. Despite being paid $250,000 to promote EMAX, the altcoin’s value plummeted by 98%, leading to accusations of a pump-and-dump scheme.

Justin Bieber

Pop star Justin Bieber paid $1.3 million for a Bored Ape NFT during the height of NFT mania. However, the collection’s floor price has since dropped significantly. The best current offer for his collectible stands at just 8.488 WETH, approximately $28,500, which would result in a staggering 97.8% loss if accepted.

For more detailed news on cryptocurrencies, investing, and finance, keep exploring Global Crypto News.

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