FTX lawsuits see crypto firms, influencers dial back endorsement deals
1 min read
Crypto influencers are taking an extra cautious approach to endorsement deals since the collapse of crypto exchange FTX last year, which has seen several celebrities hit with a lawsuit for their alleged role in its promotion.
In March, a $1 billion class-action lawsuit was filed alleging that
Meanwhile, Mason Versluis, who posts as Crypto Mason to over a million followers on TikTok, has seen an increase in crypto brand deals “for the wrong reasons.”
Versluis explained to Cointelegraph that the FTX saga, surprisingly, expanded the crypto space, leading to new crypto businesses emerging and actively seeking influencers for brand deals.
“A lot of people were reminded about crypto and building crypto businesses when SBF made headlines globally.”
Crypto vlogger MegBzk suggests influencers need to conduct their own research before endorsing a firm.
“You need to know inside and out who you are working with, to the best of your ability [and] have multiple people look at them,” she said.
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