Cointelegraph: Media personalities distance themselves from advertising crypto assets

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The collapse of the FTX cryptocurrency exchange andA subsequent series of lawsuits related to the promotion of digital assets is forcing celebrities to refuse to participate in cryptocurrency advertising, according to a survey conducted by journalists from Cointelegraph.

Some of the publication’s interlocutors explaincooling towards the cryptocurrency industry by the high degree of legal costs that may follow in the future if the advertised company goes bankrupt or its asset becomes illiquid.

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

"Since so many once authoritativecompanies have failed, I don't want to promote anything that could potentially turn customers away. At this point, the risks far outweigh the reward.”

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

“Once upon a time 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.”

Marketing Director of the game Polygon NFT PlanetIX Rasmus Rasmussen admits that the crypto winter and concerns from influential people have complicated the task of finding candidates for advertising promotion of crypto projects:

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

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