How Influencers Hype Crypto, Without Disclosing Their Financial Ties

Celebrity influencers like Kim Kardashian and Floyd Mayweather have made millions of dollars endorsing specific and often dubious crypto investments. A far seedier form of crypto promotion has flourished on social media, rife with undisclosed conflicts of interest and exaggerated claims about skyrocketing profits. Even before the crypto market’s recent downturn, a series of these influencer-backed ventures had crashed spectacularly, hurting amateur traders and prompting lawsuits that could force some celebrities to compensate investors for their losses. “You have this shameless profiteering from celebrities and others, who aren't at all disinterested or impartial,” said John Reed Stark, a former chief of the internet enforcement branch at the Securities and Exchange Commission. Source