Celebrities flocked to Crypto in droves. Now some are full of lawsuits

Famous partnerships with crypto firms have grown in recent years, from endorsement deals and social media promotions to creating NFTs for celebrities. People like Dua Lipa, Eminem, Floyd Mayweather, and Snoop Dog endorsed cryptocurrency companies and in many cases created their own cryptocurrency-based products. The downside to the highly visible endorsement of unregulated crypto products is that regulatory authorities, in addition to private parties, reach a number of high-profile figures with lawsuits. Celebrities and influencers should have a tightrope when it comes to endorsing crypto, i.e. if they want to stay on the right side of the law. Unfortunately, many are unaware of the legal parameters when it comes to promoting this digital currency, largely due to the fact that crypto regulation is still an uncertain area that varies from country to country and even region to region in the world. USA case. In 2018, the SEC sued DJ Khaled and Floyd Mayweather for violating ICOs. The result was a decision where both agreed to pay installments, fines and interest. More recently, a number of complaints and legal actions have been initiated against prominent figures for their involvement in the cryptocurrency. New York District Judge John P. Cronan has issued a restraining order against Damon Dash, co-founder of Roc-A-Fella Records Inc. took it out. . A lawsuit between the rapper TI and the SEC was settled recently. Rapper TI was indicted in 2017 for alleged involvement in a cryptocurrency scam led by Indie filmmaker Ryan Felton, in which TI supported the initial investment of two companies, FLiK and CoinSpark. He denied any wrongdoing in the case, although the rapper agreed to pay a $75,000 fine. Fortunately for him, the alleged 'pump and dump' plan was rejected.

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