Jamie McNeill
Paul Pogba, one of the world’s most famous football players, has come under fire after investors lost significant amounts of money thanks to his endorsements for the project Cryptodragons, which appears to have ground to a halt.
The project has a floor price of just 0.0099 ETH (approx. $15) at the time of writing, with only 16 sales since the start of December, according to OpenSea.
After the Endorsement from Pogba, One Investor Lost Everything
One story that was picked up by The Athletic explains how a Turkish man called Berat Kunaz took out a loan of $2,000 from a bank in order to acquire a Cryptodragons NFT after it was shilled by Pogba.
Now, he claims that he has had to move back in with his parents and has been completely financially destroyed, with the value of his holdings utterly obliterated.
Exclusive: in Istanbul I interviewed a Turkish motorcycle courier who lost three months' wages on an NFT scheme promoted by Paul Pogba, one of the world's most famous footballers.
“I can’t buy anything. I can’t do anything. I’m just working, working.”https://t.co/7tC3oMuNys
— Joey D'Urso (@josephmdurso) March 1, 2023
New: Paul Pogba has one of the biggest social media followings in football. At crypto's November peak he promoted 'Cryptodragons' NFTs, mentioning a $160,000 sale. They're now going for… tens of dollars. https://t.co/SrcGZ5ddkj
— Joey D'Urso (@josephmdurso) May 19, 2022
Celebrity NFT Endorsements are Notoriously Terrible
Despite their successes in other fields of life, it seems that when celebrities endorse one cryptocurrency project or another, the result is almost always the same – the value of the project falls through the floor and leaves many investors disenfranchised and penniless.
In 2022, Floyd Mayweather and Kim Kardashian were both charged by the SEC for promoting a useless Ponzi known as Ethereum Max, for which they were both paid handsomely.
In 2023, Logan Paul has come under fire after his promotion of a project called Crypto Zoo was unearthed by Coffeezilla, who exposed Paul for using his community as exit liquidity in a huge cash grab.
The SEC Clamping Down on Such Endorsements
Hundreds of millions of dollars have been lost by investors now thanks to such schemes, and the pressure on regulators such as the SEC has been rising commensurately.
Rules are tightening over the legality of such promotions, and influencers are now required to make more overt disclosures if they have been paid to promote a particular product.
Nevertheless, in the case of Pogba, it seems that he shan’t face any severe consequences for his lapse in judgment.
Relevant news:
- Our Cryptocurrency Guides
- 10+ Best Altcoins to Invest in 2023 – Which New Altcoins to Buy?
- How to Buy Bitcoin – Beginner’s Guide
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This article was written for Business 2 Community by Jamie McNeill.
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