The crypto disaster worsens, and even celebrities are affected
Published on Dec 04, 2022 at 8:12 AM (UTC+4)
by Alessandro Renesis
Last updated on Dec 03, 2022 at 3:13 PM (UTC+4)
Edited by
Kate Bain
The crypto disaster is getting worse by the minute after the demise of FTX.
The soon-to-be defunct platform was once the world’s second-largest crypto exchange, it is now bankrupt.
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From NFTs that are now virtually worthless to crypto exchanges that are going bust, the situation is bleak.
And what’s more, things aren’t looking good for celebrities who endorsed crypto projects that collapsed.
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From NBA and NFL stars like Steph Curry and Tom Brady to Shark Tank investor Kevin O’Leary – it’s a long list.
They are now facing backlash for promoting failed crypto projects and, more to the point, there might be legal consequences, too.
Brady, Curry and other celebrities are now facing Texas investigation for endorsing FTX – the crypto exchange that went from $32 billion to nothing overnight.
And the list goes on.
Crypto.com, another major crypto firm, spent $700 million to rename the Staples Center in Los Angeles, which is now known as the Crypto.com Arena.
The company also hired Hollywood A-lister Matt Damon to star in an ad that backfired in spectacular fashion.
In the ad, Damon likens trading crypto to mankind’s greatest achievements.
Bitcoin’s value has dropped more than 60 percent since the ad aired.
Even more worringly, Crypto.com’s own token CRONOS has lost more than 90% since the ad aired in October 2021.
And then of course we have to talk about NFTs.
Earlier this year, at the peak of the NFT frenzy, Justin Bieber bought a Bored Ape Yacht Club NFT for $1.29 million (in Ethereum).
The same NFT is now worth around $69k.
The list of celebrities who own at least one Bored Ape NFT is incredibly long.
Eminem, Future, Paris Hilton, Neymar, Serena Williams, Logan Paul.
Steve Aoki owns 11 of them.
Back in April, the cheapest Bored Ape NFT you could buy cost 142 ETH – worth around $426,000 at the time.
Now, the cheapest Bored Ape ‘only’ costs 67 ETH – or $80,000.
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