Joe Rogan and Coffeezilla Shed Light on Celebrity Endorsed Crypto Scams
2022 was a tough year for the cryptocurrency industry with so many bankruptcies and failed crypto companies.
Amid this turmoil, American podcast host Joe Rogan and YouTuber Stephen Findeisen, aka Coffeezilla, sat down to discuss the issue of celebrities endorsing cryptocurrency scams.
During the Joe Rogan Experience podcast streamed on March 7, Coffeezilla explained how celebrities’ endorsements could create overwhelming “social proof” that can cause people to overlook warning signs.
He noted how many high-profile figures supported the collapsed crypto exchange FTX and its founder Sam Bankman-Fried, including Tom Brady and BlackRock. Coffeezilla compared the situation to that of Bernie Madoff, where investors trusted savvy investors and backed a fraudulent scheme.
Coffeezilla also touched on the issue of accountability for celebrities who promote cryptocurrency projects. He mentioned wrestler Logan Paul and the allegations of him scamming investors in the crypto project Cryptozoo, with Paul threatening to sue Findeisen.
Although Paul later apologized and promised to refund investors, Coffeezilla noted the lack of accountability and how celebrities seem happy to make money from these projects but are difficult to reach when accountability is asked for.
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Coffeezilla is well-known for investigating online scams and has previously exposed Celsius ex-CEO Alex Mashinsky for dumping CEL tokens across crypto wallets.
He also unearthed an alleged NFT scam potentially worth $20 million and drew attention to SBF accidentally describing a Ponzi scheme months before the widely publicized crash.
Overall, the conversation between Joe Rogan and Coffeezilla highlights the issue of celebrities promoting cryptocurrency scams and the need for more accountability in the industry. It also underscores the importance of due diligence and caution when considering investments in the cryptocurrency market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
