---
title: Where’d crypto’s celebrity boosters go?
description: As crypto prices fall, crypto’s biggest spenders are cutting back, and their celebrity boosters have gone silent.
---

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# [Where’d crypto’s celebrity boosters go?](https://hs-sbup.thehustle.co/news/05192022-crypto-celebrity-boosters)

 Written by [Rob Litterst](https://hs-sbup.thehustle.co/news/author/rob-litterst) | May 19, 2022 7:09:49 AM

During cryptocurrency’s rocketship rise, big-name celebs joined the frenzy, appearing in numerous ads for crypto platforms.

But with crypto prices falling to recent lows, crypto’s biggest spenders are [cutting back](https://www.nytimes.com/2022/05/17/business/media/crypto-gwyneth-paltrow-matt-damon-reese-witherspoon.html), and celebrity boosters are going quiet, per *The New York Times*.

#### **In 2021…**

… crypto trading platforms like Crypto.com and FTX went on a spending spree to increase their reach and attract new users:

- **FTX** [spent](https://www.nbcmiami.com/news/sports/miami-heat/home-of-miami-heat-officially-renamed-as-ftx-arena/2466627/) $135m on a 19-year deal to take over naming rights to the Miami Heat’s arena in March 2021
- **Crypto.com** followed by [spending](https://www.espn.com/nba/story/_/id/32650662/staples-center-become-cryptocom-arena-rich-naming-rights-deal) $700m to take over naming rights for the Staples Center for 20 years in November

As part of the arms race, both companies enlisted top-tier talent to spread the gospel. FTX promoters include Larry David and Steph Curry, while Crypto.com worked with Matt Damon and LeBron James.

#### **But falling prices…**

… means cutting costs. Both companies have tapered spending in response to the market’s turbulence:

- **Crypto.com** cut digital ad spending from $109k per day in March to $24.7k per day in May
- **FTX** cut its digital ad spending from $26.4k per day in March to $14.7k per day in May

As for the celebrity boosters? They’ve generally gone silent. When asked for a response by the *NYT*, Damon, James, and David had no comment.

#### **The reason?**

They don’t understand crypto. At least according to Jeff Schaffer, who directed David’s crypto commercial for FTX. He says they just wanted to make a funny commercial.

Critics argue the stars should be more transparent about the risk involved, especially after a study from the University of Chicago found that younger, lower-income groups are more likely to believe in the promise of crypto.

On the other end, defenders say that just because a celebrity endorses something doesn’t mean it’s worth buying. For example, you wouldn’t let Snoop Dogg [convince you to buy Hot Pockets](https://www.youtube.com/watch?v=HUuVGecRaok), would you? Oh, you would? Yeah, me too.

[View full post](https://hs-sbup.thehustle.co/news/05192022-crypto-celebrity-boosters)

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