Hollywood Celebrities Facing Legal Action After Promoting Crypto, NFTs Madonna, Justin Bieber, Larry David, and NBC’s Tonight Show host Jimmy Fa

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.

Celebrities including Madonna, Justin Bieber, Larry David, and NBC’s Tonight Show 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.

Some Hollywood agents are cautioning their celebrity clients to steer clear of crypto endorsements as the legal dust settles and the courts provide more clarity on a host of complex issues, according to a Wall Street Journal report.

“Promoting a company and promoting a security issued by a company are not necessarily the same thing,” Tibor Nagy Jr., an attorney who represents both plaintiffs and defendants in the cryptocurrency space, told the newspaper. “We should expect judicial guidance and clarity on the rules of the road for celebrities in the next few months.”

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.




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