Over the previous yr, we’ve seen the rise in recognition of ICOs as a fundraising software within the cryptocurrency area. As a way to stand out from the group, some ICOs have enlisted the assistance of celebrities in an try to spice up their credibility. Right here’s a fast look of among the extra notable superstar endorsed initiatives.
From Celebrities to Crypto Evangelists
Floyd Mayweather was one of many first celebrities to endorse an preliminary coin providing. In July 2017, he made an Instagram submit selling Stox.com, a prediction market platform which went on to boost $30 million USD.
Nevertheless, this was virtually the one profitable celebrity-backed ICO to this point. Mayweather then went on to name himself Floyd “Crypto” Mayweather and endorsed Centra and Hubii, two different ICOs. The previous ended up being charged with fraud by the SEC, whereas the latter failed to succeed in its fundraising goal.
One other well-known celebrity-endorsed ICO that failed can be LydianCoin, a platform that will supposedly mix blockchain know-how with “focused, AI-driven digital advertising and promoting companies.” This led to Paris Hilton, great-granddaughter of the founding father of Hilton Lodges to advertise the coin. In a tweet that has since been deleted, she wrote:
Lower than two months later, it was found that the chief govt of the undertaking was discovered responsible of home abuse, and the SEC began to warn buyers of the dangers concerned in ICOs, notably these promoted by identified celebrities.
Hilton wasn’t the one one which ended up selling a questionable undertaking; outstanding actor Steven Seagal took on the position of brand name ambassador of “Bitcoiin”, a blatant ripoff of Bitcoin. So it didn’t actually come as a shock when New Jersey regulators despatched the founders a cease-and-desist order, prompting Seagal to half methods with the undertaking.