The virtual currency exchange of crypto has long been the trend in the money market. From Hollywood celebrities like Matt Damon to top athletes, all joined hands to promote crypto fever in the recent few years. Even the Super Bowl was nicknamed the “Crypto Bowl” in 2022, as a way of promoting virtual currency.
However, following the freefall of cryptocurrencies, those very actors, athletes, and global personalities promoting the crypto fever got significantly slammed. Facing trouble after joining hands with the virtual currency over traditional finance, Matt Damon, Reese Witherspoon, and even Kim Kardashian seemingly withdrew themselves from further association.
Matt Damon’s Crypto Ad Got Severely Mocked
With the rise of cryptocurrencies in the market acclaimed Hollywood actors like Matt Damon appeared in an ad video exhorting his audiences to fearlessly buy into cryptocurrencies. Hyping the tagline, “Fortune Favors the Brave”, Damon inspired his fans to join him in the crypto fever.
However, soon, with cryptocurrencies in freefall and cratering to new lows, Matt Damon was mercilessly mocked by netizens, as per Variety report. He was dragged into the dirt by people for the crypto gig, who pointed out that if anyone bought cryptocurrencies following Damon’s advice, the value of their holdings would drop, considering the freefall.
Kim Kardashian Fined for Touting Crypto Schemes
Crypto endorsements from renowned celebrities and influencers drew millions of Americans into the risky crypto market, just before prices cratered. Therefore a single post on Kim Kardashian‘s Instagram page attracted several of her fans towards the virtual currency.
Kim Kardashian was paid $250,000 as per Axios reports, for her low-budget 2021 Instagram post, where she endorsed crypto asset security. But eventually, the influencer got into major trouble as the post caused a severe aggregate loss for anybody who bought that coin after seeing the ad. Therefore, Kardashian was fined $1.26M for touting crypto schemes.
Reese Witherspoon Got Into Trouble for Crypto
Soon after Matt Damon joined hands with crypto, to endorse the risky gamble of virtual finance, Reese Witherspoon followed the Oscar winner into the gig. Trending on X, Witherspoon called crypto the new future of currency in the digital world. Calling crypto, NFTs, and bitcoins as the new digital identity, the actress promoted the crypto fever.
But soon, just like Damon, even Reese Witherspoon caught some heat over cryptocurrency. The actress was brutally trolled by netizens on X by tagging her crypto post. Her virtual currency promotion was certified cringe-worthy, and fans slammed the actress for joining in the giant scam.
Gwyneth Paltrow Suffered for Associating With Bitcoin
When the crypto fever was high, back in 2021 and 2022, prior to the freefall, several Oscar-winning Hollywood stars like Damon and Witherspoon joined the promotion. Even Gwyneth Paltrow, another Oscar helmer associated with Bitcoins and influenced people to invest in it.
Encouraging people to learn more about the fundamentals of Bitcoin and cryptocurrency through her lifestyle brand Goop, Gwyneth Paltrow joined the rush. She shared an interview with Bill Barhydt, CEO of cryptocurrency wallet and exchange service Abra, via X in an attempt to promote the virtual currency. But soon, the actress suffered online mockery from fans, as the celebrity endorsement trend got bad at one point, after the fall of crypto value.
Mila Kunis Faced Trouble for Crypto
Joining the trend, Hollywood star Mila Kunis came up with an NFT-funded animated series Stoner Cats, which sold more than 10,000 NFTs for a profit of $8M. Although the show was about a group of sentient cats who looked after their marijuana-smoking owner, Stoner Cats successfully boasted about the highlights of owning one of its NFTs.
However, soon the Securities and Exchange Commission (SEC) found out that the company’s configuration of NFTs caused purchasers to spend over $20M for at least 10,000 transactions. This led to Mila Kunis’ Stoner Cats being fined $1M by the SEC as per EW, for conducting an unregistered offering of crypto asset securities and misleading its investors.
