Web3’s promise of decentralization collided with celebrity hype, often leaving investors holding the bag. From pump-and-dump schemes to failed NFT ventures, these stars turned Web3 into a minefield of scandals. Here are five of the worst celebrity moments—and rough estimates of how much they cost users.
Kim Kardashian and the EthereumMax Debacle
Kim Kardashian’s June 2021 Instagram Story hyping EthereumMax (EMAX) to her 228 million followers ignited a firestorm. Paid $250,000 to tout the token with a vague #ad disclaimer, she didn’t disclose the payment—sparking a 1,300% price surge to $0.000000863 by May 29, per CoinMarketCap, then a 97% crash to $0.000000017 by July. A 2022 class-action lawsuit pegged EMAX’s peak market cap at nearly $250 million, with $600 million traded from May to June 2021. Assuming half the trading volume reflects buys at inflated prices (a common pump-and-dump pattern), investors likely lost around $250–300 million as the token tanked. The SEC fined her $1.26 million in October 2022, barring her from crypto promos for three years. Her fleeting post left Web3’s credibility bruised and wallets lighter.
Floyd Mayweather’s Double Crypto Knockout
Floyd Mayweather’s Web3 missteps hit twice. In 2017, he shilled Centra Tech’s ICO, undisclosed payment in tow, pumping its $30 million raise. When founders were jailed for fraud in 2018, investors lost nearly the full $30 million—Mayweather paid a $614,775 SEC fine. Then, in 2021, he pushed EthereumMax, sporting its logo at his Logan Paul fight and Bitcoin 2021 conference. EMAX’s trading volume spiked to $107.7 million on May 27, per court filings, with a Forbes estimate of a $250 million peak market cap. If half that volume was buys before the 97% drop, losses mirror Kardashian’s at $250–300 million. X users dubbed him a “serial shiller,” and his dual flops cemented Web3’s scam-stained image.
Logan Paul’s CryptoZoo Crash
Logan Paul’s 2021 CryptoZoo NFT game promised a blockchain zoo where “egg” NFTs hatched riches. He sank $2.3 million into it, hyping it to millions. By 2023, Coffeezilla exposed a non-delivered game, unpaid devs, and co-founder dumping tokens—values crashed over 90%. CryptoZoo’s peak market cap hit $50 million in late 2021, per OpenSea and X chatter, with $6 million in initial egg sales. Assuming 10,000 buyers (a conservative X estimate) lost 80–90% on average investments of $600–$1,000, losses range from $5–9 million. Paul’s 2024 $1.8 million refund offer hasn’t stemmed a pending lawsuit. CryptoZoo became Web3’s abandoned pet, costing fans dearly.
Soulja Boy’s Token Tumble
Soulja Boy’s 2021 crypto spree saw him pump “SouljaCoin” and RapDoge on Twitter to 5 million followers, sans #ad tags. RapDoge hit a $30 million market cap in November 2021, per CoinGecko, before plunging 90% by 2022. Trading volume peaked at $10 million daily during his promos; if half was buys at the top, investors lost $10–15 million as it bottomed out. A 2023 lawsuit alleges he shilled scams, and X posts crowned him “pump and dump king.” His Web3 hustle left small-time fans with big losses and regulators circling, though no SEC action has hit yet.
Paris Hilton’s NFT Misadventure
Paris Hilton’s 2021 “Paris World” NFT drop sold $1.5 million on OpenSea, pitched as a metaverse party to her TV audience. By 2023, the NFT market crashed—Bored Ape Yacht Club values fell 90%, per CoinDesk, and Paris World’s followed suit, dropping over 95%. With 5,000 NFTs sold at $300 each (a rough average), the initial $1.5 million investment shrank to under $75,000, costing buyers around $1.4–1.5 million. No lawsuits ensued, but X users slammed it as “bubble nonsense.” Hilton’s Web3 foray flopped, a glitzy reminder of NFT hype’s brutal comedown.
Web3’s Celebrity Reckoning
These fiascoes—totaling an estimated $546.4–655.5 million in losses—exposed Web3’s underbelly. Kardashian and Mayweather’s fines set a legal bar, Paul and Soulja Boy’s flops showed delivery trumps hype, and Hilton’s bust highlighted market risks. X sentiment turned sour, with cries of “celebs ruin crypto” echoing. Investors paid the price—hundreds of millions gone—while regulators tightened the leash. Web3’s decentralized dream met celebrity grift, and the fallout proved fame can sink more than it saves.
