While most celebrities went with FTX because they were offered millions to promote the bankrupt crypto exchange, Taylor Swift went the opposite direction. She said no to 100 million dollars – what a great decision!
Most paid ambassadors were sued along with FTX, causing many people headaches although they may have been unaware of the scam happening right in front of their eyes. Swift can sleep well as she declined the sponsorship deal. But why did she do that?
Taylor Swift asked a smart question
In The Block’s The Scoop podcast, Adam Moskowitz, one of the lawyers who filed class action lawsuits, talked about the case. Moskowitz, a lawyer in South Florida, says that Swift stayed out of the FTX fall because she did her research and asked a key question: “Can you tell me that these are not unregistered securities?”
We all know the answer by now. They were almost done discussing a sponsorship deal when the crypto exchange fell apart in November of last year. Swift reportedly wouldn’t and didn’t agree to an endorsement deal.
However, she was open to smaller agreements, such as a ticketing deal with NFTs for her Eras Tour. But in the end, she also said no to that. Even Elon Musk recognized Swift as smart, claiming “I’m not surprised.”
Elon Musk’s tweet, source: twitter.com
“Why would you possibly promote cryptocurrency if it may be an unregistered security? There’s a long list of influencers that promoted this but you’ve got to be realistic. I can’t go after 1,000 right now. So you go after the largest ones,” Moskowitz said on the podcast.
As a result, past promoters are being sued for millions. Reportedly, a huge $1 billion lawsuit has been filed against Binance, the biggest cryptocurrency exchange in the world, its executives, and a few influencers who promoted the platform.
This should serve as a great reminder for people that sometimes it is better to say no. There are better things than money. It’s not worth sacrificing conscience for sure.