Hollywood Celebrities Madonna, Jimmy Fallon, Gwyneth Paltrow, Sued over NFT Endorsements: ‘Losing Investments at Drastically Inflated Prices’

A slew of high-profile Hollywood celebrities including Madonna, Gywneth Paltrow, and NBC’s Tonight Show host Jimmy Fallon are reportedly being sued in a proposed class action suit for promoting an NFT art collection, with plaintiffs alleging they were misled into buying “losing investments at drastically inflated prices.”

of 'XXX' speaks onstage during the NBCUniversal portion of the 2018 Winter Television Critics Association Press Tour at The Langham Huntington, Pasadena on January 9, 2018 in Pasadena, California.

Bill Gates Calls Cryptocurrency, NFTs a Scam

Microsoft founder Bill Gates recently discussed cryptocurrency and NFTs, stating that the asset trends are “100% based on greater fool theory.” Gates added, “I do think people get bought into these manias, who may not have as much money to spare. So I’m not bullish on bitcoin.”

American Businessman Bill Gates attends a discussion during the 'Munich Security Conference' in Munich, Germany, Friday, Feb. 18, 2022. (AP Photo/Michael Probst)

‘Financially Crippled:’ Celebrity NFTs Leave Fans and Investors Broke

In recent months, NFTs (non-fungible tokens) have become increasingly popular with many celebrities promoting their own NFTs. Now, many fans who invested in digital tokens promoted by their favorite stars are financially “crippled.” One investor believes that celebrities “took their payouts and moved on while everybody who scraped by to invest in their futures got robbed.”

Floyd Mayweather

Feds File Charges in NFT ‘Rug Pull’ Scam for First Time

Federal authorities have charged two men with fraud and money laundering in relation to an NFT “rug pull” scam. Two men allegedly pocketed $1.1 million from investors hoping to strike it rich in the NFT crypto gold rush, only to disappear in the money.

man cuffed

‘All My Apes Are Gone:’ NFT Investors Are Losing Millions to Scammers

Theft of NFTs (Non-Fungible Tokens) appears to be on the rise, with many collectors losing millions of dollars as a result. In one recent example that led to widespread mockery, an NFT investor complained “all my apes are gone,” referring to the popular “Bored Apes” and “Mutant Apes” NFTs they had invested in.

A man surfs

Music Legend Brian Eno on NFTs: ‘Right Now, I Mainly See Hustlers Looking for Suckers’

Legendary musician Brian Eno, known for his contributions to electronic music and collaborations with David Bowie, recently discussed the concept of Non Fungible Tokens (NFTs), expressing his skepticism over them and cryptocurrency in general. Speaking to an interviewer, Eno said: “People I like and trust are convinced they’re the best thing since sliced bread, so I wish I could have a more positive view, but right now, I mainly see hustlers looking for suckers.”

Brian Eno singing at Roxy Music concert