After FTX, Should Celebrity Endorsements Face More Scrutiny?

After the fall of failed cryptocurrency exchange FTX, a platform with many celebrity supporters, some say that influencers aren’t facing enough consequences for controversial endorsements. 

For Context: A long list of celebrities endorsed FTX and likely convinced some customers to use it, only for it to collapse amid accusations that it illegally mishandled user's money. Kim Kardashian refusing to cut ties with Balenciaga amid child exploitation accusations and David Beckham facing criticism for being a World Cup ambassador amid accusations of human rights abuses in Qatar are other recent examples of questionable celebrity brand endorsements.

Lawsuits: Some celebrities are now being sued by the Securities and Exchange Commission for their involvement in cryptocurrency endorsements, including Larry David, Steph Curry, and Tom Brady. 

Where People Agree: Many voices across the political spectrum agreed that brands and celebrities should closely consider who they work with and whether the celebrity has related expertise, and that consumers should be wary of the use of celebrity endorsements to mask potential flaws with products. One family that invested in Bitcoin said FTX's celebrity endorsements were a red flag because reliable crypto companies don't usually rely so heavily on them.