September 21, 2023

Cointelegraph: Media personalities distance themselves from advertising crypto assets

Article reading time:
2 minutes.

Cointelegraph: Media personalities distance themselves from advertising crypto assets

The collapse of the FTX cryptocurrency exchange and subsequentA string of lawsuits related to the promotion of digital assets are forcing celebrities to refuse to participate in cryptocurrency advertising, according to a survey conducted by journalists from Cointelegraph.

Some of the interlocutors of the publication explain the cooling tocryptocurrency industry with a high degree of legal costs that may follow if the advertised company goes bankrupt or its asset becomes illiquid.

Crypto blogger Tiffany Fong stated that at the moment she is not interested in supporting any cryptocurrency projects on social networks:

"Because so many once reputablecompanies have failed, I don't want to promote anything that could potentially alienate customers. For now, the risks far outweigh the rewards.”

A similar opinion is shared by DeFi blogger Dad, who has over 150,000 followers on Twitter and 32,000 on YouTube:

"Once I was offered the opportunitypublish sponsored content from the FTX exchange. I have no idea how much money I gave up when I decided not to work with FTX, but in the long run it turned out to be the right decision.”

Director of Marketing for Polygon NFT Planet IXRasmus Rasmussen admits that the crypto winter and fears from influential people have complicated the task of finding candidates for advertising promotion of crypto projects:

“Many social media influencers have thought about the implications of who and how they offer cryptocurrency products.”

Earlier, former US Securities and Exchange Commission (SEC) official John Reed Stark warned
cryptocurrency influencers that they will inevitably face trial for promoting fraudulent projects.