David has since been named in a class action lawsuit alleging that he, along with other celebrities, promoted FTX to inexperienced investors without doing any stock exchange due diligence.
He is also under investigation by the Texas State Securities Board regarding the payments FTX received for his endorsements, among other celebrities.
Meanwhile, the movie star best known for his role in the “Bourne Identity” series, Matt Damon, continued to poke fun at his role in Crypto.com’s $100 million promotional campaign.
Damon even parodied the animated series South Park in its season 25 premiere in February 2022.
In the world of sports, Japanese tennis player Naomi Osaka has signed on to become an ambassador for FTX on March 21.
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Like the Seinfield co-founder, Osaka is also named in the lawsuit along with other high-profile celebrities who have endorsed FTX including basketball legends Shaquille O’Neal and Stephen Curry, and NFL quarterback Tom Brady.
Professional boxer Floyd Mayweather was also named in a cryptocurrency promotion lawsuit in 2022 over his alleged EthereumMax promotion, though the lawsuit was eventually dismissed by a federal judge in December.
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In the world of music, American rapper and hip-hop artist Snoop Dogg has been named to a class action lawsuit for allegedly promoting Bored Ape Yacht Club Non-Fungible Tokens (NFTs), along with other musicians including Madonna, Justin Bieber, Post Malone and DJ Khaled. .
The lawsuit names more than 40 people and companies as defendants, including tennis professional Serena Williams, actress Gwyneth Paltrow and comedians Jimmy Fallon and Kevin Hart.
who got away with it
Interestingly, not all celebrity endorsements of cryptocurrency companies have been viewed in a negative light, nor have they attracted the scrutiny of class action attorneys.
On June 30, 2022, Binance announced that it had picked up popular TikTok personality, Khaby Lame, as an ambassador.
The deal was seen as positive for the crypto sector, as the Lame Ambassador deal is part of Binance’s mission to increase awareness and adoption of Web3 worldwide.
Musician DJ Steve Aoki jumped into the world of NFT with fantasy and esports startup DraftKings announcing the hit maker as a brand ambassador for the NFT market.
Related: Tom Brady and Other Celebrities Named in Class Action Lawsuit Against FTX
American rapper Eminem performed alongside Snoop Dogg during the VMAs performance of the NFT track “From The D 2 The LCD” featuring Otherside and Bored Ape NFTs.
In the world of sports, David Beckham has become the global ambassador for the DigitalBits blockchain, launching his own collection of NFTs in the process.
It appears to have avoided any charges of wrongdoing despite the DigitalBits founders being accused in a lawsuit by investors of “diverting funds needed for development” into expensive sports deals and luxury travel, according to a January 2022 report from The New York Times.
Meanwhile, legendary soccer player Lionel Messi has deals with Singapore-based Bitget, fantasy sports platform Sorare and Socios.com.
Cristiano Ronaldo’s foray into cryptocurrency sponsorship also appears to have gone over well in the community, as he worked with Binance to launch an exclusive NFT pool that offers collectors the chance to receive perks including a personal message from Ronaldo and autographed merchandise.