These 10 Celebrities were Caught Investing in and Endorsing Disastrous Crypto Assets
Crypto Volatility Doesn't Fail to Scare Even The Wealthiest!
The crypto market is known to be dangerously volatile and even wealthy celebrities who are backed by investment advisors are vulnerable to the unpredictability of the cryptocurrency market. You may be surprised to know that there are many celebrities whose investing acumen has failed in the world of crypto. Another fact is that there are still unknown dangers and risks associated with this market, adds to the volatility and panic selling at times. Today we are going to look at the celebrities who invested in Crypto with high hopes but ended up, badly bruised.
1. Matt Damon
The actor who is best known for his roles in movies like, "Good Will Hunting" appeared in an ad during NFL games that drew a lot of attention, mainly because of how Damon was suggesting buying crypto and implying that only cowards will shy away from investing in the market. However, since then, the value of one of the most prominent cryptocurrencies Bitcoin has dropped substantially, leaving the value of investments slashed into half.
2. Tom Brady
The famous footballer and a seven-time Super Bowl winner revealed that he was partnering with a crypto exchange with the tagline, "I’m getting into crypto with FTX. You in?" However, fans were quick to point out that the crypto market has only plummeted since then. According to Daily Mail, Tom Brady has lost around $30 million after the collapse of the company FTX!
3. Matt James
Matt James teamed up with BlockFi, a crypto company back in 2021 and often talked about crypto in interviews and tweets. Since then, the company has been in trouble but survived after an expanded credit line and Investors have been struggling with a 30% price cut since 2022.
4. Mike Tyson
The famous boxer revealed his own NFT collection in August 2021, which included two tokens, one in which the whole infamous ear-biting incident was depicted and the other in which he kissed one of his racing pigeons. Since then the value of these NFTs has dropped by 95%, and they haven't been traded much since 2022.
5. Reese Witherspoon
"The Morning Show" and "Sweet Home Alabama" Star Reese Witherspoon started tweeting about crypto back in 2021. Her production company, "Hello Sunshine formed a partnership with the World of Women NFT collective. Since the announcement, the value of the NFTs has taken a plunge and has dipped more than 75%.
6. French Montana
He launched a sneaker collection in the form of NFTs but they came alongside real-life, physical versions. "Hold on to your pair and watch the value go up," he wrote on Instagram at the time of the launch. However, that didn't happen and instead, he landed on this list, since the value of the collection has dropped around 90%. The total value of the collection is somewhere around 3 Ether now.
7. Nick Carter
The famous singer and a member of the boyband "The Backstreet Boys" praised the SafeMoon token back in 2021 and said that he'd been "Nerding out on crypto for years now." Unfortunately, the value of the token has since plummeted by an astounding 99%. Carter's team clarified that, "Nick Carter was never the owner of SafeMoon and he was never compensated in any way by the company," as per Bloomberg.
8. Paul Pierce
The NBA star was actually fined $1.4 million for promoting Emax cryptocurrency without disclosing that he was being compensated for it. The currency has suffered a complete wipeout since then.
9. Mark Cuban
The famous billionaire who also appears on The Shark Tank talked about his efforts to make some money using the TITAN token. But the token has fallen by 99% in value since, and he later acknowledged it and said that it was actually really "lazy" on his part but also told that it represented a really tiny portion of his crypto portfolio.
10. Kim Kardashian
The multi-millionaire personality took to Instagram to share about the crypto coin EthereumMax, which is actually just using the Ethereum name and is not at all affiliated with the Ethereum currency. The currency shot up initially only to crash in the following few months. She later edited the post and added the hashtag "ad" at the very end of the post.