Crypto Ambitions Crash as Celebrity Endorsements Backfire

Taylor Swift signed a sponsorship deal with FTX worth $100 million, but the agreement fell through when FTX founder Sam Bankman-Fried backed out.
Tom Brady and Gisele Bündchen earned $30 million and $18 million in FTX stock, respectively, to endorse the now-bankrupt company.
Other celebrities like Paris Hilton, Snoop Dogg, Reese Witherspoon and Matt Damon promoted cryptocurrencies but lost money when the market crashed.
FTX paid celebrities like Kim Kardashian, Lindsay Lohan and Shaquille O'Neal to endorse their company but now face legal consequences.
Charging crypto companies with offering unregistered securities has become more common according to SEC chairman Gary Gensler.