"It feels good to be a celebrity's supporter, but it will be a disaster if the platform goes bankrupt!" - O'Neal's $1.8 million settlement is a lesson for all the celebrities who promote cryptocurrency!
Vernacular interpretation:
Brothers, do you remember when FTX went bankrupt? A bunch of celebrity spokespersons, such as O'Neal, Curry, and Tom Brady, were all dragged into the water. Now O'Neal finally admitted his mistake and paid $1.8 million to settle the matter, which can be regarded as spending money to avoid disaster. But this matter is not over yet, and it has a great impact on the cryptocurrency circle. Let's talk about it separately!
1. Will celebrities dare to endorse products randomly in the future?
O'Neal was stubborn before, saying that he was "just an advertiser and didn't understand the cryptocurrency world", but he was still fined. Now, which celebrity dares to take on the promotion of crypto projects in the future? I guess they have to let the legal team investigate thoroughly first, otherwise they will be sued and bankrupted in minutes!
Crow's experience: When Curry promoted FTX, he also organized a "learn to earn coins" event. Now he must be regretting it. In the future, this kind of "celebrity + exchange" routine may become less and less common.
Brother Crow’s opinion: This is a good thing! The cryptocurrency industry cannot rely solely on celebrities’ hype, but on real skills. Those rubbish projects that only invite big names to endorse them should be closed down sooner rather than later!
2. Retail investors are more aggressive in defending their rights. Will regulators take action?
O'Neal was fined this time, which shows that retail investors are not easy to mess with! In the future, if any exchange goes bankrupt, the spokesperson may have to pay the money.
Crow's experience: Luna collapsed and Do Kwon ran away, but what about those KOLs who supported Terra? Should they also be held accountable?
Brother Crow’s emotion: Cool! Those who “boast with money” should be made to pay the price! But the question is, will the regulators take the opportunity to increase the control and control the cryptocurrency circle more strictly?
3. What is the impact on the market?
In the short term, with fewer celebrity endorsements, it will be more difficult to hype new projects, and the market may become even quieter. But in the long term, it is a good thing - there will be fewer junk projects, and real gold will never be afraid of fire!
Brother Crow suggests: Don’t just look at the celebrity endorsements, research more on technology, teams and practical applications, otherwise you’ll be the next one to be cut!
