Feb 7, 2025

The rise of cryptocurrency has opened new opportunities for investment, but it has also become a playground for celebrities looking to make a quick profit. Over the past few years, high-profile figures have promoted memecoins, pumped their value, and abandoned investors, leaving them with worthless assets.

While some memecoins are driven by community engagement, many celebrity-endorsed projects have turned out to be blatant cash grabs. From Adin Ross to Kim Kardashian and Andrew Tate, here’s how celebrities have contributed to some of the biggest crypto scams.

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Adin Ross and the MILF Token Disaster

In 2021, popular streamer Adin Ross promoted MILF Token to his audience. The token quickly gained traction as his followers rushed to buy in. However, it wasn’t long before Ross admitted the entire project was a scam, bluntly stating that he didn’t care about the people who lost money.

This incident was one of the earliest high-profile influencer-backed rug pulls, setting a dangerous precedent for how easily content creators could exploit their fan bases for personal gain.

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David Portnoy’s Pump-and-Dump Playbook

Barstool Sports founder David Portnoy has repeatedly engaged in pump-and-dump schemes involving low-marketcap memecoins. Using his massive social media following, Portnoy would buy into obscure tokens, hype them up, and then sell at a peak, leaving his followers holding the bag.

Unlike traditional investments, where market trends dictate price movements, these schemes relied entirely on artificial demand created through celebrity influence. Once Portnoy cashed out, prices plummeted, causing significant financial losses for retail investors.

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6ix9ine and the $3M Crypto Scam

Controversial rapper 6ix9ine has a history of using his fame to mislead his audience, and crypto was no exception. After previously scamming fans with fake NFT projects, he launched a memecoin that generated massive hype.

Excited investors rushed to buy in, but within hours, the price plummeted, leaving many with heavy losses. This was just another example of celebrities entering the crypto space with no real intention of delivering a sustainable project.

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Kim Kardashian’s $EMAX Promotion Ends in SEC Fine

Reality TV star Kim Kardashian faced legal consequences for her involvement in EthereumMax ($EMAX). In 2021, she promoted the token on Instagram, leading to a huge spike in price as her millions of followers invested.

However, as soon as retail investors piled in, insiders dumped their holdings, causing a massive crash. In 2022, the SEC fined Kardashian $1.26 million for failing to disclose that she had received $250,000 to promote the coin. Her case served as a warning to other celebrities endorsing crypto without transparency.

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Jack Doherty’s Livestream Pump-and-Dump

YouTuber Jack Doherty used a live stream to promote a memecoin, encouraging his fans to buy in as he hyped the project in real-time. Minutes later, he sold all of his holdings, causing the price to crash instantly.

The deception was so blatant that he deleted all references to the token, pretending the incident never happened. This case highlighted the reckless behavior of influencers in the crypto space, where a single social media post could manipulate prices.

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Sunny Leone, Jason Derulo, and the Failed Celebrity Coins

Even Bollywood actress Sunny Leone jumped on the crypto bandwagon, launching $SUNNY on Solana. The coin’s price soared within hours, but within three hours, it collapsed by 97.2%, leaving a market cap of just $5,780.

Similarly, pop star Jason Derulo launched $JASON, promising long-term commitment. But when the token dropped 70%, he blamed his team and walked away, leaving investors stranded. These cases exposed how little accountability celebrities faced when launching crypto projects.

Ryan Fournier and Andrew Tate’s Political Crypto Plays

Crypto scams weren’t limited to entertainers—political figures also joined the trend. Ryan Fournier, a student advisor to Donald Trump, launched $TIKTOK Coin, targeting conservative investors. He dumped his holdings after creating hype, making huge profits while blaming the market downturn.

Similarly, Andrew Tate’s $DADDY token was revealed to have insider manipulation, with early buyers holding 30% of the supply before Tate’s promotion. The token never recovered from the multiple sell-offs, proving that even self-proclaimed financial gurus were willing to exploit their followers.

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Davido’s Reckless Trading and Kanye West’s Rejection of Scams

Afrobeats star Davido launched $DAVIDO, acquiring 20% of the token’s supply for just 7 SOL before flipping it for $500,000. In a livestream with crypto influencers, he admitted he didn’t understand what he was doing, confirming that the project had no real value.

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Meanwhile, Kanye West took a different approach. Instead of engaging in the memecoin hype, he revealed that he turned down a $2 million deal to promote a fraudulent crypto project. The offer included $750,000 upfront and another $1.25 million after eight hours of promotion, after which he was supposed to tweet that his account was hacked—a common tactic used by celebrities to avoid responsibility after scamming investors.

West’s decision to reject the deal was a rare example of a celebrity refusing to participate in crypto fraud, highlighting how common these scams had become.

The Long-Term Damage to Crypto’s Reputation

These high-profile scams have done serious damage to the credibility of cryptocurrency, reinforcing the public perception that crypto is full of scams and manipulation. While some legitimate projects exist, the sheer number of celebrity-backed rug pulls has discouraged new investors and increased regulatory scrutiny.

As authorities crack down on pump-and-dump schemes, celebrities may soon face legal consequences for their actions. But until stronger laws are enforced, the cycle of celebrity-backed crypto scams is likely to continue preying on uninformed investors.

To avoid falling victim to these schemes, investors should:

• Research the project and its founders before buying in.
• Be skeptical of coins relying solely on celebrity endorsements.
• Look for transparency in tokenomics and team involvement.

Until real accountability is established, crypto remains a space where fame is often leveraged for personal gain, leaving unsuspecting investors to pay the price.

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