5 Celebrities Who Were Affected by Cryptocurrency

From shady investments to bad investments, several celebrities ended up losing millions of dollars by trying to invest in digital assets.

Celebrities and cryptocurrencies never go together.

Several celebrities have found themselves in hot water after endorsing the coins on social media, with some paying millions of dollars in fines and facing class-action lawsuits.

Some people also got burned by buying expensive NFTs and saw their value plummet. Then again, those losses were probably just a rounding error on their bloated bank accounts.

So, without further ado, let’s take a look at five celebrities who may have regretted getting involved with cryptocurrency.

Tom Brady

The NFL legend has been an active brand ambassador for FTX, appearing in numerous commercials and claiming it is a fast, easy and safe way to invest in cryptocurrency.

Unfortunately for the doomed exchange’s clients, things turned out quite differently, and they found themselves frozen and without their savings.

Brady also suffered significant losses after Sam Bankman-Fried’s firm went bankrupt, not least because his 1.1 million shares of the company’s common stock became worthless.

If that weren’t enough, he and several others are being sued by aggrieved FTX users who claim their support “has caused billions of dollars in damages.”

The case continues to rage in the courts, and to add insult to injury, Sam Bankman-Fried is helping the plaintiffs. Ouch.

Logan Paul

YouTubers have also found themselves in a difficult situation after attempting to launch cryptocurrency projects.

One of them was Logan Paul, creator of CryptoZoo, “a really fun game that makes you money.”

There was just one problem: the game never launched, despite fans spending millions of dollars on non-fungible tokens.

CryptoZoo has also faced a series of brutal and in-depth investigations from rival YouTuber Coffeezilla.

Paul eventually apologized—and a year later began buying NFTs from fans on the condition that they not sue him.

Lindsay Lohan

Lindsay Lohan has made a dramatic departure from her previous career as a child star and has become an aggressive advocate for crypto projects and NFT collections on social media.

There was just one problem: Most of the time, she didn’t tell her followers that she was getting paid to do it.

This led to unwanted attention from the Securities and Exchange Commission, which accused her of promoting Justin Sun’s Tron and BitTorrent tokens.

She ultimately settled the SEC charges and joined the likes of Ne-Yo and Akon in paying a total of $400,000.

Rather awkwardly, a spreadsheet posted by @zachXBT on X’s site shows Lohan regularly charged $25,000 for dummy projects or $20,000 per retweet.

Another painful reminder not to believe everything you see on social media.

Kim Kardashian

Kim K has huge signed up for Instagram and, like Lohan, used her massive public profile to support a little-known altcoin called Ethereum Max.

British officials said the post “may have been the most widely reached financial advertisement in history.”

The Securities and Exchange Commission managed to force her to pay a $1.26 million fine and agree not to support cryptocurrencies on social media for three years.

In this case, she was paid a staggering $250,000 to advertise EMAX.

Following her post, the altcoin quickly lost 98% of its value, leading to accusations that it was nothing more than a pump and dump scheme.

Source: OpenSea

Justin Bieber

Last but not least, let’s remember the baby-faced singer Justin Bieber.

At the height of the NFT mania, he shelled out a staggering $1.3 million for Bored Ape, but the collection’s starting price has since dropped sharply.

It’s hard to put an exact value on his collectible at this point, especially considering it has a number of rare attributes, but the best offer currently listed on OpenSea is just 8,488 WETH. That’s only $28,500 at current market rates.

If he was crazy enough to take such a bet, he would end up with a loss of 97.8%.