Bitcoin Forum

SEC fined Steven Seagal for advertising ICO. The actor did not disclose information about the funds received for the promotion of the project, which could mislead investors, the Commission explained.
 
Since the ICO, the price of the Bitcoiin2Gen token advertised by Segal has fallen by 99%.


do you think celebrities know that they advertise scam projects or they just don’t understand what they are doing? I think this is a big problem for the market

As far as i know, if the celebrity is only taking care of the money and he doesn't even care about what will be the result if the project. This is a very bad attitude from the influencer to gain money even if that can be through the way to fool others. This thing can't be appreciate and just hope SEC tries to give at least a penalty to this celebrity who has been promoting scam project. I believe if they understood what they have been doing by promoted the scam project in the past.
Just let people aware of this to make sure if they will not be fallen to the same thing again.

They probably didn't understand, they just get paid to do it. I doubt Floyd understand the project STOX when he promoted it back in the days, it may have been in the market still but its just right there. Exchanges didn't delisted the project for they also wanted to profit the STOX they got in their hands, probably even put the sell wall.

Celebrities are used to promote projects, there are local coins in my country who were also doing this but I doubt if they understand what blockchain is.

This is correct. They consider it as just another product they are advertising for. Just like some perfumes or food chain.
They don't necessarily have to use it or hold it. They get paid in hard cash, they don't even have to know about crypto and blockchain.
And most probably it's their manager that handles it and they just get their lines when it's time to act.

I believe he already did his own research but did not dig it too deeply, do not forget the majority of them have a manager or staff for marketing and research. There is no way they will promote everything that people offer to them directly without researching it. It is just lately a lot of scam projects can cover their scheme cleanly, Have not you noticed it yet a lot of well-known projects that raised million/s dollar were a scam? how could they do that? it happened because they are very good at talking and covering their scheme.
Scam or fraud has never been a good thing in the first place.

these "stars" just want to make money. I am sure that they do not understand anything in cryptocurrency and especially in new ICOs. Ico is very good in creating good stories about a rich future.
But the problem is not in that the stars advertise what they don’t know about, but in the people who follow their recommendations

If they know that it's a scam project no way that they are going to advertise so it's the latter, they don't understand what they are doing, so I don't believe in celebrities endorsing these projects, I prefer to look on the platform potential and the developer of the project and not those marketing the product.
 

there's no harm in using celebrities as promotions at ICO, but we also shouldn't be too confident about what celebrities are promoting, we have to find out about ICO and also we have to find out whether celebrities know about cryptocurrency, and whether celebrities can be responsible for what promoted.

we must be smart people in choosing investments so that we are not easily caught in fraud.

You have to put the source information here.

Cryptocurrencies are a bussiness, so I think everything should be made by careful planning. I mean, they should know first about the ins and out about ICO and any type of raising fund.

So, if we judge that he doesn't know about the ICO itself it might too late. He should know about them all, don't just make a decision to be part of the project but he doesn't know anything, it can be worst.

Contrary to your thought, it's actually a big problem! There's actually no way to know if a celebrity promoting ICO is actually aware about the thing they are promoting. Having a celebrity associated with a brand, is actually a game of credibility! So people fall for such trap very easily! Such things should be stopped right away before more dollars from the investor's pockets are lost!

When people finally realize that these projects are made only to get easy money from investors? Secondly, when they realize that true cryptocurrencies are decentralized and do not push anyone to use it through agressive marketing.  ::)

When I listen to these kinds of stories, I wonder how it can be possible?

what are the main points that a person has when starting a business or a company?

1 - the person is concerned with the laws of the country

2 - the person does market research

looking at celebrities, I believe that celebrities have lawyers and business managers who take care of everything that celebrities do, so use the argument that celebrities don't know anything about cryptos so they can be easily deceived, I think it's a very weak argument

Steven Seagal, has a lawyer and has a financial manager (I think he must have), so how did he get involved in all this? this is a big question that I don't understand

Literally they can advertise anything for money so don't blame then when you invested on to something worthless.

They doesn't hold any responsibility for loss because they are just a promoter just like a bounty hunter. :)

Op, a link would be useful in this case although I don't disbelieve what you wrote.  S.S. doesn't exactly have a fully functioning moral compass, and I'm not even referring to any scam promotion.  In my opinion he is a detestable human being and a mediocre actor at best.

People who have been in the crypto space for a few years at least probably won't be influenced by what celebrities are doing or not doing, at least I would hope not.  Celebrities often speak about things that are far outside their competency to do so, like the ones who are anti vaccine crusaders.  It's ridiculous.

This is for real.
Steven Seagal Charged by SEC for Promoting 2018 ICO (https://cointelegraph.com/news/steven-seagal-charged-by-sec-for-promoting-2018-ico)
He probably doesn't know that the project is a scam but paid him that much so he advertised it. How many celebrities will endorse a scam ICO in the future. I guess they will learn from this experience and the others.

Again? Isn't this old news? I mean he was already fined for it. But i am looking for that phase to happen in the future because that would mean bull market.

Paid promoter, a famous artist without a crypto background, somehow I am not interested at all because there must be an economic element, obviously, the aim is only to attract the attention of many people to join because of influential people, but is it effective? of course not, cryptocurrency is entirely affected by supply and demand and if the project is not good even if it is supported by an artist then no one will be interested and we can be sure the price will slowly go down. But this is not something that can be concluded with a narrow timeframe, it could be a pump price someday, who knows? depends on many factors.

Yep, I think that most celebrities don't understand that their endorsement is going to cause people to lose money.

Nor are they aware of the legal ramifications of what they are doing. This is their own fault in the end, since they'll be the one facing legal actions like Steven is.

If you're found to be advertising a scam, whether knowingly or not, you could be liable. The same goes when advertising dodgy projects like Bitcoin2Gen.

ll i see is just the love of money to be collected. They are only after what they will gain and not what their followers will think of them afterwards. A celebrity that cares more about money than his/her reputation or integrity in the society, would do such. i am sure that a lot of them would have known the risk involved, but will not mind or bother themselves on what will be the outcome.

If what he has done was out of ignorance, he would have learnt his lessons.

Celebrities usually only want the money, they endorse without knowing whether the product they are promoting is genuine or not, he doesn't care about the buyer, he only cares about the money

Then what about his manager or his financial adviser? Where are these people when this happened?
They should have known something about this too.
Would they want their actors to just join in something which they doesn't have any idea about?
Is he not speaking about that?

Looks like he won't.
https://www.nytimes.com/2020/02/27/movies/steven-seagal-bitcoiin2gen.html
He may have did this on his own.
Imagine just receiving a little money you would be destroyed.
That is just $250k in cash and $750k worth in token which he won't receive anymore.

I honestly don't think or most of them don't know they're advertising scam projects. Beside, In the first place, most of them don't have an idea on what cryptocurrency and blockchain technology is all about. They just associate themselves with those project either just because of the mouthwatering pay and deceiving advice they most have gotten from their manager.

I love what the SEC are doing, non of them should go unpunished. This guys are causing a lot of gullible Investors to lose their hard earned money. I haven't seen any ICO project endorse by a celebrity become a success.

agree with you, maybe they don't even know crypto at all. We know many celebrities who are promote a product that he himself does not use.
But whether these celebrities can be punished if involved in a scam project even if only as an endorse?
Investor should care about this.

Probably not cause if they, I dont think they will agreed to do some advertising. Market for crypto is wide and this strategy to use actors and actress beyond the scene is a wise choice but of course this gonna be a real deal payment. What happened is obviously a promotion by Seagal even he didnt know what to promote as long the price is right.

That's the sad part from those celebrities that are promoting projects who are not yet well studied. They only focused on their own gains, not thinking their reputation is at risk by promoting scam projects. If they only knew and aware that the project is shady, I do not think they will gonna procceed to promote a certain project that will ruined their image regardless of the high payment.
 
  I do hope they will do some research about the project before doing some promotions. Innocent crypto investors is also at risk if they will gonna patronized what that celebrity is going to promote.

No single celebrity understands blockchain technology, it isn't their Field of work so why invest in a coin because a movie celeb says it's good? These guys don't know what they are walking into

Do you remember Centra ICO use Floyd Mayweather and DJ Khaled to promote? I think they not understand crypto much, and now those two celebrities escape from law suit, Centra was big scam ICO, you can read story here https://www.ccn.com/dj-khaled-floyd-mayweather-ico-promotion-lawsuit/

basically celebrities don't know clearly about cryptocurrency, and they do their job as a public figure to get lots of investors for projects that rent them. but I think to be associated with the fraud project team I think not, because they only have work to promote it and get paid for it

Well celebrities will not know that advertising ICO is a kind of fraud because it has happened a lot, as far as they know they only promote and get paid for them and do not know when it will happen later that ICO always leaves at the end after many have entered into it.
Observant people will not be tempted by projects advertised by celebrities, especially with unclear ICO sales this year.

How won't they know? Are you saying they never get paid to advertise those scam projects? That's not possible, what can make seagal just go to internet and start digging info about ICO projects if not directed in the first place? Think

Since it payed them for that advertisement and that is called TF.
I think persons who want to advertise should only accepting any kind of promotion they also need to review every thing offer to them and select only what they think can help them not only thier pocket.

just because it fall down does it mean its a scam already ? and it also being advertise by a legendary actor not just by a newbie actor .

they pay huge for this actor to promote a scam peoject ? that seem to be impossible on  my view  . however the promoters could care less of the project but as long as they do thier job and get paid  just like on many local advertisement that we saw  and we like end up getting scammed because after buying the product , it looks different compare to what we see on t.v

Money is involved here, celebrity thinks about nothing but money so they can easily get lured promoting scam ICO but honestly losing 99% value in crypto today is very possible and this bitcoiin2gen is not the only coins that loses that much and this doesn't mean it's scam

Celebrities are normal people in the end,,, and in the other countries neighboring me there is a common trend that many famous celebs come from a poor background, so they know that in their moment of fame, they must make as much as they can and endorse as many products and companies as they can, and some are of course scam.

Celebrities or influencers, they also need the money and one of them through advertising or endorse through their social media accounts. Unfortunately, some of them do not consider ads that are good or bad for the wider community, large payouts have blinded some of them to accept the offer. With this, we can only go back to ourselves to remain careful with all projects advertised by celebrities or not.

Celebrities do not think about the project they just become advertisements in the project I think this has been done a lot to boost the success of the project and they do not think long about how it will happen in the future the ICO project will be promoted by anyone even though it is a celebrity will not succeed and lead to a scam

They are not going to think about anything as they are just aiming to receive the payment and nothing else. If the price is right then there's no problem with celebrities they will not do anything or care about the outcome of the projects that they are promoting, it's all in the hands of investors to research and study the projects potentials before placing their money.
If you will investigate and not just blindly place your money into something that you don't fully understand, not just because it's promoted by celebrities.

Seagal is just a victim here, he works for the money right? They pay him well but now it's sad he has to pay huge money to settle score with the SEC, this should be a lesson to other Celebrities out there, do not stick in your neck for something you have no assurance about.

I think they don't have a clue as to what crypto in the first place. Maybe the project just promise them X amount of money if the project will be a successful that's why most of them are joining the bandwagon. Or celebrities have been paid upfront in millions of dollars to advertise without them knowing that the ICO itself is a scam from the very beginning.

I still remember Floyd Mayweather as well, being a victim of this scams ICO as he promoted Centra before. It's good that they have been acquitted, but there could be celebrities that can be the next victim themselves.

That's true since they are popular many people who idolized them will buy their endorsement ending up losing their money.

Celebrities are doing this for one reason and don't care about the effect of it to people. They should learn to know further what they endorse because it will reflect to them also as the one responsible why people became interested on ICO that they advertise but unfortunately a scam project.

This is a lesson learned for them indeed.

I do not thing they should go after all these celebrities alone, what about all the Youtubers and Twitter Crypto influencers in the space, that shill projects to potential investors and ended up losing all their money. Greed in this space is worse that wall street although some people will not want to agree with me on this

I am out of update from any info that linked these celebrities from scam projects advertisement. Whenever there is an occurrence that a certain prominent person whether celebrity or famous politician got involved with a scam ico, I believed it won't be hidden due to rampant social media news and feeds which daily popping up on notifications. However, this should be fact checked before it becomes believable for everybody.

They dont know on what they are doing or just simply being used by those ICO owners yet they do know on what would be the impact if they would tend to make use
popular celebrities which would really boost up exposure and would really get investors.I dont know if these celebs are fully aware of just get blinded on the
marketing budget allocation for them without minding that they are tending to harm lots of investors in the process.We have seen some numbers who do make
use of this marketing but most of them do end up on failure when it comes to project development.All things can be hyped initially but in late game they
do become all trash.

One good conclusion here.
He doesn't he really know what he is doing until now.
But he cannot escape the law. Even though he is famous for a lot of series which is about the law or being a police he still didn't learn from it.
It looks like it is all about the money.
He might have also thought it was legal enough until the exit happened.

I bet he is so angry by now and just want to kill someone from the management of that team.  ;D

I think most of them doesn't really know athing about crypto they just want's to be part of it,
They don't even know how to find a good project so why should we even listen to those celebrity who promotes a new project?
They are only attracting some newbie's in the market and sooner or later those newbie's are going to cry because of their loss.

There are still scam ICO in 2020?

I don't think they know what they advertise. They are celebrities, they receive money for advertising from their managers and that is it, I doubt that any celebrity does research on their own.
This just confirms the old rule, never trust anyone, you need to do research by yourself if you wish to be completely sure in something!

Money makes people do shit things the same happened with him.

He did not know anything about this ICO still went ahead and advertised it. Now he has to repay most of what he earned I guess.

Conclusion, Everything that glitter is not always gold.  ;D ;D

I guess so, but I don't know which project can lead us to get a scam because I don't follow each project one by one. I don't invest in any project again since 2 years ago because I think that the trend of the ICO almost ends and it needs to transform into new things so people can put their belief with the real projects that can give them the profit.

But maybe we will see another celebrity will advertise scam ICO again because as long as the project can pay the celebrities to talk about their project, the celebrities can convince the public to invest in that projects. And if the projects finally become a scam, that celebrities will get a bad name because they promote the scam projects.

 what has happened cannot be changed anymore, in my opinion if the celebrities do not know and are only paid for what they advertise, it is not possible for him to be responsible for the project.
don't just see who is advertising the project but also see the people behind it.

but before that they should find out what about cryptocurrency and project that endorsed him. undirectly they were have responsibility if project that they promoted be scam. they received the money and they have to make sure that its real and be good investment in future.
and we as investors must research about projects and read the plan what will they do in future.

Many celebrities agree to participate in cryptocurrency projects because of money, and they don’t even care if this project is a scam or not, because celebrities only think about how to make a profit and that’s all, and there were already a lot of such scam companies with celebrities.

I think most of them are not aware in the real score of the crypto projects that they are promoting, or maybe without personal knowledge in terms on how cryptocurrency works, remember when the boxing superstar Floyd Mayweather jr. promoted Centra that turn out to be a scam, until now my Centra CTR token still on my Binance account but lying lifeless. Manny Pacquiao and Derulo also promoting GCOX exchange but I don't know if still active till now. those are just an example of a few projects indorse by celebrities.

I hope they stop promoting the ICO because we know they are popular person and if they promoting scam project they have big chances that many people will invest because we know now too once a famous person promote anything they trust easily . And better for them stop promoting ICo and start promoting the crypto but only the legits ways of earnings in crypto.

I agree with you. They only work for money and do not care much about how the project works. In the past there have been many projects like this and the results are all scam projects and you will definitely risk if you choose to invest here. I think IEO is currently the safest solution at this time because if listed at big exchanges, you will make huge profits.

Some of them have no idea what Cryptocurrency are they just want monetary compensation, we all know that some celebrities are not using the products or services they are advertising, in fact some of them are caught using their competitor products, so we should not believe these celebrities especially if they are promoting Cryptocurrency.

I don't think celebrities would care if the project they were promoting would commit fraud; they were too busy to understand the concept of the project they were advertising.

Only trust advertisements from someone who is an expert in the field he is promoting.

@JCviggen in my personal opinion I feel that he may not have known what he was promoting as his manager would have finalised this deal, and would have kept the basic details hidden from him which is pretty normal as celebrities don’t like to be bothered with all the basic details. In this particular case I feel investors are also guilty as they failed to do their due diligence, and i hope that next time no one will invest in a ICO just because a celebrity recommends to invest in it.

I think celebrities are just some paid promoters of the project. So everything they care about is money. It will not be a surprise if they don't even know what those projects are. It's also possible that they have very little idea what cryptocurrency is. So I think they should not promote something that they don't have any idea.

Does he has the knowledge of the project is a scammer? If not, then I don't think that he is going to advertise or promote it because he also has a reputation to take care of. Maybe he was told that it is going to be a huge project and it is in need of someone who could hype up the project by putting celebrities names as a marketing brand.

They are celebrities, and they are not short of money. If he is professional, then they first need to find out the consequences of advertising those projects. And they need to look for people who have experience in this area to check whether the project is quality or not. So as I thought he was too subjective in this matter so he made a mistake

Obviously, celebrities pay very well for advertising such shit. This is not the first or last case when celebrities advertise anything for the sake of money.
I don’t think that they should be blamed because I think their PR managers are the first and foremost, although the lack of brains does not exempt from responsibility.
Apparently Steven Seagal has such a bad business that he decided to do such a crappy advertisement.

I think this "cameo" website hurt a lot of stuff as well. You pay famous people somewhere around 25 dollars to 1000 dollars and you can get them to say whatever you want in their own ways.

There was a lot of controversy when one youtuber hired bunch of NBA players to say horrible stuff for NBA2K game and it was realized at that moment that as long as the famous person doesn't care or not invested in the topic or not a sensitive subject, you can make them say whatever you want and that is quite risky power to give to the people. I can hire 50 very very famous people and make them say that my crypto I just created and worth zero is actually the future of money and they would all lie for the money as well.

I think they just go for the money, it is like they just normally advertising the product, but for sure Steven Seagal don't know it was a scam project that he promoted. Well lesson learned for him.

I think celebrities most often don't understand what they are advertising. And this applies not only to ICOS, but also to other products. The main thing here is the size of the advertising fee. And if this amount suits the celebrity, then he will be ready to advertise any product.

I think most of these celebrities that help to advertise ICO know nothing about the project and even cryptocurrency. They are most likely deluded by the amount of money given to them by the thieves. I also read the news on social media and I think this will sound as a warning to many of them not to be promoting something they have personally experienced before. I am just imagining the calamities that might have befallen some of the newbie investors that invested in the project.

Celebrities are influential, which means people who idolize them imitates their action. It is the reason why they can't just advertise an ICO without doing a background research, because if it was proven as scam then it may ruin their reputation, since the trust that was given to them by the public was ruined. People must be cautious before investing their funds in some projects, especially those who used the advertisement of famous people as a foundation of their decision. Don't let yourself get deceive by their words and promises because most of them aren't even aware of what they are promoting, so always do your own research.

That is why you should not pay attention to such advertising of cryptocurrency and their projects that advertise celebrities. Yes, most likely, they do not understand what kind of product they are advertising. However, if in this case Stephen Seagal was fined for not providing complete information, and after a while he will again be engaged in advertising the ICO project, then here such actions cannot be called simply misunderstanding. Repeated similar actions should already be considered intentional.

But does Steven Seagal really advertised ICO ? Did he make a public speech or participated in the events? (or distributed flyer or etc?). Or his was just signed as an ambassador on the ICO page ? That's a huge difference.

Personally, I dont blame celebrities for advertising something. It is like blaming someone who advertised toothpaste for not making my teeth perfectly white...

Take for example Ronaldo and his advertisement of KFC. Could I sue him for me being fat or the chicken tasted not as he promised or showed? :D

Indeed. We should not put all the blame on celebrities who are advertising fraud projects because sometimes they don't even know anything about the things that they are advertising for, that is why they end up humiliating in front of a lot of people. They are just a model, so we should not be trick by famous people just invest our money in projects that we are not sure if it is legitimate.

for a crypto team, why choose Steven Seagal for a promotion?

i did a quick research its Bitcoiin2Gen that he promoted, we;ll not sure about it since its just a quick read. and I didn't fully read the whole article.  but what is surprising is that Steven was Charged for Unlawfully Promoting Cryptocurrency by SEC lol we he had settled it though

I think is is not fully aware about cryptocurrencies and ICOs and IEOs.
Since people follow these celebrities and the kind of influence people's decisions, with full responsibility they should advertise any product.

It would be better if you provide some source about that. Whatever i don't think Celebrities have time to think what is crypto currency or what are they advertise about. They just advertise about project and they got paid for that and it is the end of the story. Which is also telling about how much unprofessional is that.

And it's a trick also from development team. They trying to show investors how much popular their product and when investors invest on it, unprofessional team dump their project for own profit. It's not a new story, we are seeing this from several years actually. That's why i recommend  to check everything you can before invest on a project.

False information. He advertised that ICO years ago. It takes a lot of time that scams gets punished.   I heard he did not complained and paid the penalty. If not this case would go on for at least a year or more.

As long as they get paid, they don't really care about what they are advertising for. I doubt they hardly even know anything in details about what they are advertising. They just get paid and do what they are told to do. Now if someone gets scammed by investing on those projects just because a celebrity advertised it, then yeah that is really really sad and kinda a deserve to lose their money.
Just don't invest blindly by reading articles or looking at advertisements. Do your own analysis before you put your money at risk.

These people who created projects and pay some celebrities to promote their scam projects are on the next level of scamming the people. Since making such projects with the famous advisor and economist before didn't work in the long run. Now, they are on to the next level of their scheme, safly these celebrities didn't understand anything about the projects, they just do it as long as the team pay them.

This happens when people are all about the money. They fail to be objective in their actions. I hope it serves as a warning to others and people should falling for scam ICOs because an artist put out a paid advert for them.

Right now some celebrities only think of ways to make money, this happened to Steven Seagal for promoting ICO projects scam.
And because there are many investors who are disadvantaged, I hope that there are no other celebrities using their popular names
promotion of projects scams for the sake of making money. I rather hope celebrities help adopt cryptocurrency by investing in several
cryptocurrency so the growth of cryptocurrency can be more rapid.

This kind of question can't be answered by us! Those celebrities can answer it! If we can hear/see their statements related to this question, then the answer can be valid. However, we can speculate that celebrities don't understand enough about ICO, STO, IEO or the like. Even they don't know well about crypto or blockchain. So, in my opinion, they just don't understand enough what they're doing.

 People who advertise scams should be punished as well, celebrities are stupid people who will advertise and do anything for money and with these stupid people having millions of followers in social media they should have some backlash for pushing people to stupid projects and we had seen many scam and exit tokens in the past advertised by celebrities and we all know the fate of those projects.

Oh my... Do you really think that all these celebrities, actors etc are very smart guys who know what crypto is and are professional in investing? :)
Don't compare their movie roles with themselves :)

I believe that they do it solely for the sake of money and PR. Cryptocurrencies are quite a popular topic for discussion and advertising ICO is another reason to start a discussion and promote yourself.

They care about money and no more. I believe if they don't know what they have advertised. I remember paris hilton was also doing the same as him. Those celebrities are lack of knowledge about this and what they are interesting to get is only the money. As long as they received money and they will never care about people who see their advertisement.

I agree with you. Everyone who joins this market for money and ICO projects that have had PR celebrities is very risky projects. In the past, I have met a lot and have lost a lot of money when choosing to invest in a project. Now, I cannot trust any celebrity in this market because it will only cost me more money to invest.

Agree, they only after the money, and that what it is other than that it doesn't concern them. May be few of 'em do really have a care from the start upto the end on where would the project be; result, effect to the others and so on. Sounds harsh for them but celebrities are too busy that's why sometimes they don't even bother looking thoroughly some jobs like this, that if they heard/know that there will be some money to do this (of course, a clean job and money) they won't hesitate to took it.

They for surely do not know what they are advertising. Just like those people who advertise a trading application in youtube. They are just up onto the money of the application that they are going to advertise but didn't think of those people who will avail or use that application. They must be well informed in that kind of ICO first before advertising it.

No money, no deal. Celebrity has money interest, what does a celebrity knows about the blockchain and a solid project? a good project needs no celebrity for advert, they will only collect their money and advertise for the next paid project, even tech celebrity advertised some project in 2017 and 2018 and they are all failed project today.

As for me, like some of the investors these celebrities were just victim of what the project team says to them. Their managers I guess were trapped by sweet promises and huge payments.

What I suggest is that they should also do their own research so that they will not easily trap by any scam. I guess everything will be on proper places when we have enough knowledge and information about the project.

it would make sense if the project is related to what the actor is doing though.

projects related to MMA for example. if there is one but this is just an example. if the project is about tokenizing the PPV of UFC fights or something like that which the token can be use to pay the PPV and then Steven shall be the one who promotes the project. i might believe he understood some part of it at least.

There's no rules people who involve promotion should understand the product, they help to " introduce " not giving understanding and learning. In this part people have different opinion but for celebrities, I believe they don't want to involve with something that don't have regulation like crypto. all promotion must ending with currency. Don't blame the actor but how good your act to get complete information are really important because ICO want your money not the actor money.

It's quite obvious they don't know what they are doing. The most important thing for a celebrity is his fame and if that's lost then he won't be a celebrity anymore.
No celebrity would want to ruin his career. If any celebrity is advertising any scam then his fame is at risk.
So it's quite obvious that if a celebrity is advertising a scam then he must not be knowing about the scam unless he is also a part of the scam.

What else do you expect from celebrities aka movie stars . They are just after money like anyone else . Although  It's human psychology to fall for such things we must always research before investing. This remind me of a project which had Ryan Remolds pic as a team member and people invested in the ico .

I really like some of his Movies because they made me laugh a lot.

he was fined $ 314,000 and cannot promote any securities for 3 years

Source: https://digit.fyi/steven-seagal-hit-with-240000-fine-for-cryptocurrency-promotion-scheme/


maybe he didn’t know, but that’s the point I can’t understand, as I said in my last post. celebrities have lawyers and financial managers, so it’s hard not to think that Steven Seagal doesn’t have a lawyer and financial manager who could give you good advice on how to proceed correctly in the case of that project


unfortunately the error of few people caused many people to suffer. I believe that if people had created honest and useful projects, today we would have a market where celebrities and investors would not be afraid to invest in ICOs and new projects

Celebrities only focus on doing their job and that is just to promote and to advertise. As for me, if Steven would know that he's promoting a scam project he'll probably reject it especially if it will ruin his name. He might bot aware that what he promoted was a scam project. Celebrities should be skeptical in choosing what to endorse especially when it comes to crypto because it could deceive most investors.

This is a big one, he is one of my favorite actor but I would not fall for this kind of advertisement, one celebrity I know that fined for endorsing ICO was Floyd Mayweather, I am not sure why they can't learn.  Hey OP, would you care you put a source of that information here?

I am not the maker of this thread, but I read news about Steve Seagal from the New York Times, you can also read it at the following link https://www.nytimes.com/2020/02/27/movies/steven-seagal-bitcoiin2gen.html

Steven charged with negligence for not disclosing how much money he received from the cooperation he did with a cryptocurrency project.

There's opinion that people who get involve promote a product should try first so they can be objective, I agree with this opinion. In reality it doesn't like that, promote and scam is different and not connected at all. If the celebrities know about scam ICO I believe they will never take the offer, but because developer take scam responsibility and have law protection, take the promotion is really good and worth for their pocket.

I believe that celebrities participate in advertising just for the money. Unfortunately, I also previously believed that if a celebrity offers a product or service, then it definitely deserves trust. However, I now understand that most of these offers are fraudulent. It’s time for us to become professionals and not believe everything that is said and shown to us by celebrities and media personalities. Obviously they want to deceive us and take our money.

Indeed, the popularity of public figures allows them to attract numerous suppliers and projects looking to them to receive an advertisement, it is normal to accept advertisements when this is a job and a source of income for celebrities, sometimes they do not know too much about the reliability of the product, we can not complain about them too much, the lie is from the supplier. And when we have the information and knowledge on this issue, avoiding participating in ICO projects that celebrities advertise is safer, ICO no longer have a place in the market

I will only believe in a celebrity-endorsed coin if the endorser knows and a real Cryptocurrency investor, most of the celebrities do not have the knowledge if the new coin that they are promoting are good projects because they are not part of the community of investors.

they are celebrities, and they could only be paid for it, so they don't know about the project. even more so if he is just one investor, or he is only promised a few shares for it. however, if he is one of these teams I think he is trying to help attract people to invest, but I don't feel that they will sell their careers by supporting ICO scams.

Exactly, they can advertise anything for money and who will forget Floyd Mayweather and DJ Khaled??? Before two years they made a ICO projects advertisement which was a scam I guess it was centra...

They should give importance to the ICOs which is a genuine one, I mean they have to check about how good is the product, because even their reputation is involved here.

This is not the first time we are seeing celebrities promoting shit projects, earlier Floyd Mayweather and DJ Khaled were fined by SEC for promoting ICO projects and now Steven Seagal who is a pathological liar which is well documented and they should be punished for advertising these fake projects.

 Celebrities will do anything for money and you really cannot trust what they endorse as they do not really care if someone looses money as long as they make money endorsing those.

This is not a good thing and it damages their image as a star, obviously this is detrimental to investors who have been involved with this fraudulent project. Steven Seagal has abused the trust of many people for collaborating with fraud projects. So we must always be careful and may not believe right away.

Maybe he only thinks about money without thinking about risk if the project he promotes is a scam project. A class of artists should understand about risks like this and must understand about crypto when he want to promote it.

Look at this article and so many celebrities have promoted ico and a lot of them are being scam coins right now
https://medium.com/@TokenStars/25-celebrities-who-are-into-cryptocurrency-for-real-187ff89d83a7

A few minutes for hundreds or millions dollars buck and that's how they work. Money is their main aim to promote the coin. They will never do an advertisement if they never get paid lol

That is right because the money to pay the celebrities will be a lot, and that can make the celebrities agree to promote the project without learning first about the projects. The celebrities don't know what is all about because all of the agreement will be from their agency. So everything is already arranged by the agency, and the celebrities only told about the projects. Maybe in the future, many celebrities will realize that they should learn about the project before they can accept the projects to be promoted by them.

Strongly agree with what you say, because most celebrities only prioritize money from the results of the advertisements they promote, and they tend not to see the benefits or clarity of the products they are advertising, and I also hope that in the future celebrities should prioritize more product clarity rather than money paid for them.

I don't think that they actually know that is it scam or legit.maybe they are getting paid for a advertise that project.because they only think about money (though not all the time).Most of the celebrities don't have enough knowledge about crypto currency.And they are not involved any project.

Information about celebrities promoting projects is difficult to verify, and celebrities can not guarantee the success of the project. Previously, I participated in a project, the development team phan said they cooperated with a very famous youtuber, but now that project is dead.

I participated in a project where the founders said that they collaborated with one of the richest people in America. showed the video when he came to the conference, how he said good things about the project, but now this project is scam. many of you know this project as cloud token

Many of the folks here are fans of his so it's very sad to know that he's involved with this craze of celebrities being used to the advertisement of these scam ICOs.

About the contracts, it might be the lawyer that knows the details of what he's going to advertise but as for the financial manager, I don't think that there's an involvement or even an advise before the procedure commenced.

But we can't control the influx of these scam projects, if they look promising from the beginning and offers a decent pay to their celebrity advertisers, they will just continue the cycle.

Of course, I think some celebrities involved are only paid promoters. It could be that the celebrity does not fully know what he/she is promoting, money-oriented. That is, I do not really trust anyone, whether public figures, influencers, famous people, who suddenly promote a cryptocurrency project even though it was not done before.

This could be common in a lot of countries or i think in my country youtube celebrities are the most common that is promoting ICO's and different platforms which is I think just a scam.

Since in my opinion that could be a sponsored video, I think they are just a great platform that the scam ICO's could use to promote their token or their platform from a lot of people.
Also they influencers could really be effective for a lot of times since they could easily get the trust of the community but in the end, they are just getting paid to promote but not going to pay for it if you are going to get scam by this ICO or platforms.

I think that method might be used to lure investors to put their money in the project, actually there are many projects like this that they introduce and even work with famous people as if their project promises benefits even though in the end their project is also dead, so now we must be careful in investing

Celebrities only care about money and they don't even know what the project is, so be careful and take the time to analyze. In the past, a lot of projects like this were to scam investors and I invested just because there are celebrities so now I can't trust anyone in this market and only believe in myself. However, now IEO is the choice that people trust more because this form of investment is very popular.

Most of the celebrities have no deep knowledge about crypto currencies especially in terms of ICO so there is a big chance that Seagal just accepted the offer because of money. Though he is now facing a charges against him as he didn't check first whether his action is good or bad.

Because if he know that he will end up facing some problems after the advertisement then I am sure that he or his management will think twice before they will accept the offer to advertise a certain ICO. Let's just hope that it will serve as an example to other celebrities so they will not accept any offer easily especially in terms of ICO advertisement.

I think celebrities already know about crypto, but there are still very few celebrities who know about ico as a whole, from the team, to the project, to funding, to the final destination. perhaps because of that factor that made the ico team take advantage of the situation where celebrities became promotional advertisements to get funding. and worse, the artist certainly did not know about it and he only received a commission.

really sad, in the midst of a falling crypto market and also the ico / ieo industry which is in a big problem of trust, there are still teams that do things like that. I agree if the SEC is part of the ico oversight body because in this case it is certainly very helpful to prevent the next scam.

sure they get paid when promoting projects that they develop because usually the project developers will hire and give money to use celebrity services to provide information to many people who do not know about the projects being developed.

well from this side the celebrity might really not know scam or not because all he knows is getting money for the promotion of a project.

They have done their job yet they're ruining their image at the same time. It's important that they should also know what they're endorsing because it could have a huge impact on most investors. Lots of scam projects prefer to use big names just to attract more victims. Celebrity endorsers should be smart upon accepting offers because money can't buy trust.