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How worried should Matt Damon be right now? Crypto Twitter reacts

By Darius McQuaid

14:35, 4 October 2022

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American actor Matt Damon at the 78 Venice International Film Festival 2021
The Crypto.com advert, called ‘Fortune Favours the Brave’, stars Damon and was directed by Oscar-winning director Wally Pfister – Photo: Getty Images

The Crypto Twitter community is mocking Matt Damon and his Crypto.com ad after Kim Kardashian was fined $1.26m (£1.1m) by the US Securities and Exchange Commission (SEC) for not disclosing a payment she received for posting about crypto security tokens sold by EthereumMax.

Kardashian, the eighth most-followed person on Instagram, is said to have received $250,000 (£219,800) in exchange for promoting the token EMAX to her 330 million Instagram followers, but failed to disclose she had been paid to do so.

The post included a link to the EtheruemMax website with instructions on how to buy EMAX.

The chair of the SEC, Gary Gensler, said: “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors.

“Ms Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.” 

The SEC added that Kardashian will not be able to promote any crypto assets for three years.

ETH to USD 

Should Jason Bourne be hiding from the SEC?

Damon who is famous for his lead roles in The Bourne Identity and The Martian received much attention on Twitter because he advertised cryptos for Crypto.com, a cryptocurrency exchange company based in Singapore back in October 2021.

In The Bourne Identity, Damon plays a former special agent with amnesia who is being hunted down by the CIA because his character was involved in a failed assassination attempt on an exiled African dictator, Nykwana Wombosi, played by Adewale Akinnuoye-Agbaje.

XRP/USD

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-0.820% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
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Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
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-1.850% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

BTC/USD

16,873.70 Price
-0.940% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

Twitter users have speculated that Damon, who is known for playing roles in action movies is now feeling scared of the SEC.

Another Twitter user jokingly said if Kardashian had to pay $1.26m “for pushing crypto” then Damon “should get the electric chair”.  

Others stated that Damon is now going to attempt to disguise himself so the SEC cannot find him.

Another implied Damon will attempt to disguise himself as an older man.

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Crypto.com’s campaign

The Crypto.com ad campaign aired in more than 20 countries with the aim of formally introducing the platform to consumers around the world.

The advertisement, called “Fortune Favours the Brave”, starred Damon and was directed by the Oscar-winning cinematographer and director Wally Pfister. It was produced by the film director David Fincher.

It shows Damon explaining how some men and women have tried their utmost to achieve but have failed, however there are those who have “embraced the moment” and committed to their goal.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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