Hollywood celebrities looking to make a quick buck endorsing cryptocurrency or NFTs are now being told to think twice as angry consumers who experienced losses are taking the stars to court.
host Jimmy Fallon joined the crypto bandwagon only to find themselves defendants in class action lawsuits. Even Kim Kardashian was sued over EthereumMax, though she later settled the matter out of court.
In some cases, celebrities are accused of failing to disclose that they were being compensated or were investors in a crypto product or NFT while they were also promoting it., Madonna was one of several celebrities sued in a class action suit for promoting an NFT art collection known as the Bored Ape Yacht Club, with plaintiffs alleging they were misled into buying “losing investments at drastically inflated prices.
Much of the legal confusion stems from the Securities and Exchange Commission’s ambiguity on what constitutes a “virtual token.”
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