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Some celebrities have been showing interest in cryptocurrency. For example, an individual from the Wu Tang Clan chooses to establish a cryptocurrency firm named after their mainstream tune C.R.E.A.M. (Crypto Rules Everything Around Me).
In 2017, the firm wanted to raise $30 million during the ICO, selling coins for $0.02. The coin saw relative achievement, spiking in mid-2018 to $0.12. Sadly, its surge did not last for a long time. A popular opinion is that Ghostface Killah's involvement is also a reason for the downfall.
"I think the enthusiasm of celebrities is somewhat of a twofold edged sword," said Brett Westbrook, CEO at Cream Capital, to CNBC. "I for one imagine that anything that places cryptographic forms of money before the eyes of the common public is an incredible thing for the business sectors. Then again, I trust it's important that famous people know the significance of their endorsements and comprehend the fundamental standards of blockchain technology."
Ghostface Killah's speculation was a mistake and it also violated the law. The SEC reported that celebrity endorsement will be unlawful if "they don't uncover the nature, source, and measure of any compensation paid, legitimately or by implication, by the organization in return for the support."