The collapse in crypto prices this month has renewed scrutiny of the celebrity marketers who sell virtual currencies to the masses. Over the last year, the actor Matt Damon and the comedian Larry David have starred in high-profile TV commercials for crypto platforms, trumpeting digital assets as an unmissable moneymaking opportunity. Those ads drew criticism from crypto skeptics, but they were tied to mainstream companies with hundreds of millions of dollars in revenue. A far seedier form of crypto promotion has flourished on social media, rife with undisclosed conflicts of interest and exaggerated claims about skyrocketing profits. In some cases, promoters like Mr. Paul have admitted that they failed to disclose personal or financial ties to projects advertised on their feeds, a potential violation of federal marketing regulations.

Source: New York Times May 29, 2022 00:13 UTC