After the FTX incident, crypto influencers have started to be cautious about cooperation invitations from Web3 companies.

Since the closure of the world's second-largest cryptocurrency exchange FTX last year, key opinion leaders (KOLs) and influential figures within the cryptocurrency industry have started to shift their attitudes towards promoting and endorsing Web3 companies and enterprises. They are now more cautious in evaluating the potential risks that may arise.

The Warning Brought by FTX

Community, as a crucial element in the Web3 and cryptocurrency industry, requires a convincing and supportive community to promote and grow forward with foresight.

However, according to a report by Cointelegraph, some cryptocurrency Key Opinion Leaders (KOLs) and influencers have started feeling uneasy about promotional invitations from cryptocurrency companies.

Some KOLs have expressed concern over recent lawsuits, such as the one led by Edwin Garrison against FTX and its prominent promoters, as reported by Cointelegraph. This has raised alarms for all KOLs openly supporting cryptocurrency companies to be cautious, as investors and fans may take legal action against them if the company faces any negative news or crisis in the future.

Cryptocurrency KOLs gradually turning down cooperation invitations from cryptocurrency companies

Cryptocurrency KOL Tiffany Fong, for example, stated that given the closure of several previously well-reputed companies, she does not wish to promote products on her social media that could impact her followers. She believes that the risks of promotion often outweigh the rewards, so she has declined most invitations.

Nikita Sachdev, CEO of blockchain PR and media marketing company Luna PR, also revealed that the various audits and legal issues that have arisen following the FTX incident have made influencers more cautious when negotiating collaborations with cryptocurrency companies. She pointed out:

Several celebrities are still facing lawsuits for endorsing FTX

Notably, in the aforementioned collective lawsuit against FTX and several KOLs filed by victims of FTX, many international celebrities have been named as defendants.

This includes current NBA Golden State Warriors player Stephen Curry, MLB Angels ace Shohei Ohtani, NFL legendary quarterback Tom Brady, and former NBA star Shaquille O'Neal, all listed as defendants.

The reason being their appearances in videos or podcasts on FTX official or FTX Japan's Youtube channels, where they were paid endorsers for FTX.

In conclusion, all these reasons make it increasingly challenging for influential community operators to promote cryptocurrency-related products. Start-up cryptocurrency companies may find it more difficult to promote their cryptocurrency-related products, facing the dilemma of limited exposure or reach, indirectly increasing the difficulty of integrating Web3 industry into daily life.