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.

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.

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