Bloomberg reports that nearly all celebrity endorsers of cryptocurrency have experienced negative consequences.
Actor Matt Damon endorsed the Crypto.com exchange at the peak of the cryptocurrency market. However, the value of cryptocurrencies has dropped by over 70% since his endorsement began airing.
Paris Hilton performed a celebrity DJ set on The Sandbox metaverse platform in March, but since then, both the platform's popularity and the value of its SAND coin have plummeted.
In January, Kim Kardashian was sued for allegedly promoting the fraudulent EthereumMax cryptocurrency on her Instagram account.
Actress Reese Witherspoon's December 2021 statement that "crypto was here to stay" has also proved to be incorrect, as prices for non-fungible tokens (NFTs) have dropped by about 75% since her media firm, Hello Sunshine, partnered with the World of Women NFT group in February.
Athletes have also faced the consequences for supporting cryptocurrency products. Mike Tyson released an NFT collection in 2021, but its value has since fallen by over 90%.
Tom Brady, a quarterback for the Patriots, endorsed the FTX exchange in 2021, but it went bankrupt a year later.
Steph Curry and Naomi Osaka also endorsed FTX and are now facing scrutiny from securities authorities for potential legal violations.
NFL quarterback Patrick Mahomes endorsed Dapper Labs' NFT platform in August, but this year has seen a significant decline in NFT sales, with some drops as high as 90%.
