Digitalbits, a layer one blockchain solution with a market cap of just over $400 million, announced that David Beckham will be their new global ambassador. They stated that the purpose for him to help communicate the power of the blockchain technology.
It should also be noticed that Celebs like Jake Paul has been criticized for making a lot of money off pump and dump schemes. Kim Kardashian and Floyd Mayweather were also sued for their promotion of Ethereum Max.
For Mayweather, the lawsuit marks the second time the boxer has come under scrutiny for allegedly making misleading statements around crypto.
Fraudsters have also misused high-profile figures without their knowledge to coax fans, using the faces of celebrities include Prince Henry and Megan Markle, Bill Gates, Mark Zuckerberg and Sir Richard Branson to promote fake endorsement schemes related to bitcoin.
Using Vega X which is based on $darc, I could decipher that Celebrities could actually affect the move of crypto. This is a reason to be careful. Celebrity promotions of cryptocurrency is particularly vulnerable to criticism as ill-informed investors rush to get in on speculative products because stars they admire are into crypto.
In conclusion, it is important to be careful of the FOMO also known as fear of missing out.
This is because there are a lot of pump and dump schemes out there and celebrities are seen by fraudsters as a way of making lots of money over fake projects.