The crypto disaster worsens, and even celebrities are affected
Published on Dec 03, 2022 at 11:12 PM (UTC-5)
by Alessandro Renesis
Last updated on Dec 03, 2022 at 11:12 PM (UTC-5)
Edited by
Alessandro Renesis
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.
READ MORE: Logan Paul has turned the most expensive Pokémon card in the world into an NFT
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.
Alessandro is an automotive journalist with 10 years of experience covering supercars, automotive history, emerging vehicle technology, and luxury transportation. He wrote the first article published on SupercarBlondie.com when the website launched in 2022 and has since built a reputation for insightful reporting across the automotive and transportation industries. His expertise is grounded in hands-on experience. Alessandro has driven every Tesla model ever produced, from the original Roadster to the Cybertruck, and regularly covers the latest developments in electric vehicles and automotive innovation. His passion for transportation extends beyond cars, he has even flown a Boeing 787 Dreamliner simulator in Addis Ababa, Ethiopia. His reporting spans everything from classic American muscle cars and rare automotive discoveries to luxury yachts, private aircraft, high-end watches, and cutting-edge vehicle technology. Known for his deep knowledge of automotive history and ability to uncover the stories behind iconic vehicles, Alessandro brings readers a blend of historical context, technical expertise, and first-hand experience.
