Celebrities boost crypto projects but don’t guarantee legitimacy

September 6, 2024 Coin Telegraph

In some cases, celebrity backing for a crypto project is a red flag because it’s a scam ad made by criminals.

Celebrity backing can make a big difference in the success of a crypto project, but that doesn’t mean the endorsement of a famous person makes it trustworthy.

According to a 2023 research paper by two former United States Securities and Exchange Commission economists, Joshua White and Sean Wilkoff, there is a link between a celebrity endorsement of a crypto project and the likelihood of its dubiousness.

During their research, White and Wilkoff found that in 2019, 26% of the initial coin offerings (ICO) they examined were likely scams. That number increased to nearly 40% by 2023.

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Celebrity crypto tokens will ‘absolutely’ catch SEC’s eye — Lawyers

July 8, 2024 Coin Telegraph

Caitlyn Jenner

Celebrities who have brazenly shilled their memecoins on X in recent months run a high risk of attracting the attention of the SEC and class-action lawsuits.

Celebrities who have recently created and promoted memecoins on Solana could be breaking securities laws and “will absolutely catch the attention” of the United States securities regulator, according to lawyers.

US-based public figures, including Caitlyn Jenner, Iggy Azalea (real name Amethyst Kelly), Jason Derulo (real name Jason Desrouleaux) and many others, have launched and promoted crypto tokens using their likeness since late May.

“Nothing gets the SEC to act faster than shilling a memecoin,” Creo Legal founding director David Chung told Cointelegraph.

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Boxing Sensation Ryan Garcia Teases the Launch of His Own Meme Coin

June 16, 2024 Bitcoin.com

bitcoin.com

In a series of recent social media posts, American professional boxer Ryan Garcia hinted at the creation of his own meme coin. “Whatever coin I create I will go hard asf,” Garcia stated in one post, indicating his commitment to the project. In a subsequent post, he added, “When I drop this meme coin, it’s […]

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Nigerian Instagram Celebrity Could Face Jail Time for ‘Spraying’ National Currency

April 19, 2024 Bitcoin.com

Africa

Nigerian Instagram celebrity, Pascal Okechukwu, has pleaded not guilty to three counts of abusing naira banknotes. The charges against Okechukwu relate to three incidents in which he allegedly tampered with or “sprayed” NGN500 banknotes. Another Nigerian celebrity, Oluwadarasimi Omoseyin, received a six-month prison sentence for the same offence. Nigerian Authorities Clamp Down on Naira ‘Spraying’ […]

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Celeb NFTs and cringy ads — Analysts share their signs of a Bitcoin peak

December 11, 2023 Coin Telegraph

bull market

With a major rally expected sometime in 2024, industry watchers have shared the top signals they look for to indicate when crypto has reached peak euphoria.

Celebrities hocking nonfungible tokens (NFTs), big-budget crypto ads, and mainstream brands adopting crypto slang — these are the signs to watch for during the next bull market that could indicate a peak, according to crypto analysts.

The crypto industry is expected to see a major rally in 2024. In the past 90 days alone, Bitcoin (BTC) has surged to clock in a 74% price increase. Some analysts expect the next Bitcoin all-time high to come in late 2024.

But are there ways to indicate when the next bull market peak will come? Analysts think there is.

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NBA Hall of Famer Paul Pierce Charged by SEC for Touting EMAX Tokens

February 17, 2023 Bitcoin.com

anti-touting

The U.S. Securities and Exchange Commission (SEC) has charged Basketball Hall of Famer Paul Pierce for touting EMAX tokens and making misleading comments about unregistered crypto securities. The former Boston Celtics small forward agreed to settle the charges and pay the SEC $1.409 million. SEC Chair Gary Gensler Wants to Remind Celebrities of Disclosure Laws […]

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Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day

October 5, 2022 Bitcoin.com

$1.26 million

Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset ethereummax, the digital currency jumped 124% in value. However, the ethereummax pump was followed by a massive dump as the cryptocurrency slid 47% lower than the high it reached on October 3. EMAX Token Markets […]

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SEC Charges Socialite Kim Kardashian for Unlawfully Touting Ethereummax

October 3, 2022 Bitcoin.com

$1.26 million

On Monday, the U.S. Securities and Exchange Commission (SEC) filed charges against the celebrity and socialite Kim Kardashian for unlawfully promoting the crypto asset Ethereummax. The U.S. regulator detailed that Kardashian agreed to settle the charges and pay $1.26 million in penalties, and plans to cooperate with the SEC’s ongoing investigation. Kardashian Charged by SEC, […]

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Kim Kardashian Shills Ethereum Max on Instagram, Media Questions Socialites Motive

June 16, 2021 Bitcoin.com

The celebrity influencer Kim Kardashian posted about a project called Ethereum Max on Instagram this week by sharing an advertisement with her 228 million followers. The project Ethereum Max has also been promoted by former Boston Celtics forward Paul Pierce and professional boxer Floyd Mayweather. Kim Kardashian Follows Mayweather and Pierce by Shilling Ethereum Max […]

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Study Finds Cryptocurrency Scams Surged 40% in 2020, Forecasts an Increase of 75% in 2021

March 26, 2021 Bitcoin.com

Bitcoin Scam

A new study revealed that cryptocurrency-related scams almost doubled over the last year. However, forecasts are not optimistic going forward, as the report forecasts another significant increase in the number of cases in 2021. Research Scanned Over 300 Million Websites According to the “Cryptocurrency Scam Report” published by fraud prevention company Bolster and shared with […]

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