Celebrities are actively trying to make money from cryptocurrencies. Not everyone has the courage to invest, but many agree to promote a coin. They do not really go into details, and various scammers use this opportunity.
Boxer Floyd Mayweather is most often accused of collaborating with fraudsters. In October 2018, he promoted the fraudulent crypto project Centra, and recently Mayweather advertised the suspicious Ethereum Max crypto token. During his last fight, the boxer donned the t-shirt with its logo to weigh in and battle against blogger Logan Paul. American celebrity Kim Kardashian also advertised the little-known cryptocurrency Ethereum Max on her Instagram with 200 million subscribers. The British regulator suspected that the star put investors at risk, as the tokens could have been created by scammers.
Charles Randall, the Chair of the Financial Conduct Authority (FCA) said that this ad was a prime example of how celebrities can attract investors to fraudulent crypto projects. He noted that Kardashian should have pointed out that Ethereum max is a speculative digital token created by unknown developers.
According to Randall, scammers usually pay famous people with a lot of followers to help them advertise cryptocurrencies. Moreover, some celebrities are promoting coins that do not exist in reality.
