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Celebrities Face Reckoning for Endorsing Cryptocurrencies Amid Fraud Charges and Lawsuits

Celebrities who endorsed cryptocurrencies are facing consequences as the SEC orders Kim Kardashian to pay $1.26 million for inadequate disclosures when endorsing EthereumMax. A group of FTX customers is suing Tom Brady and Gisele Bündchen for compensation after the cryptocurrency exchange crashed, leaving the couple with worthless FTX stock and tokens.

Other celebrities, including Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Shaquille O’Neal, Katy Perry, and Taylor Swift, have faced legal action or missed out on potential partnerships due to concerns over unregistered securities. Autograph, co-founded by Tom Brady, has shifted its strategy to focus on helping celebrities foster loyalty with fans rather than marketing crypto tokens.

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