Over the past couple of years, celebrities have become notorious for promoting cryptocurrencies. Given the boom in the NFT and crypto market, celebrities have become the main promoters for companies trading digital currency. Moreover, this also includes boxing legend, Floyd Mayweather, who has been promoting a lot of these coins.

This was on full display after ‘Money’ took to Twitter to promote another crypto coin. In a post, he stated that the stock GSWO had recently made an announcement, claiming that it has almost created a battery that can go 750 miles with a one-time charge, which might lead to a spike in the stock. Moreover, he cited this as a great investment opportunity for his followers. “Check out the stock GWSO. They just made a huge announcement! The sodium ion battery for cars that can go 750 mi w/one charge is almost complete. This stock will reach all-time highs. Huge buying opportunity, as this company is going to do very well w/this battery being complete,” he wrote.

However, the fans were quick to notice the dubious aspects of this stock, as they called out Money for his blatant attempt at promoting an unproven company.

Fans warn Floyd Mayweather

One fan stated that his account has got hacked, which is why he was promoting the stock.

Another fan asked Mayweather to delete the tweet if he didn’t want to get sued.

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Following this, one fan claimed that Mayweather should stop promoting these stocks, giving the example of Kim Kardashian, who got sued for promoting unlawful stocks.

Moreover, one fan even claimed that investing in the cryptocurrencies promoted by Mayweather ended up costing him the amount he invested in the stock.

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He also stated that his wife divorced him after this and held Money responsible for it.

It’s not uncommon to see celebrities and athletes endorse products and services. However, there is a moral responsibility where they need to research the product they are advocating for which is never the case with these dubious cryptocurrencies. This was proved after Kim Kardashian was charged for promoting a cryptocurrency without informing her audience.

Kim Kardashian pays million dollar fine for unlawful promotion

It was reported that the reality TV star, had to pay a hefty $1.26 million fine, after unlawfully pushing a cryptocurrency on Instagram, without revealing that she was paid to do so.

The fine will be collected by the  Securities and Exchange Commission, which includes a penalty of $1 million plus $260,000, representing the amount Kardashian paid plus interest. Moreover, Kim K has also agreed not to promote any other cryptocurrency in the future as well.

What are your views on Mayweather promoting crypto stocks online? Let us know in the comments below.

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