Golden Finance reported that a study titled “The Impact of Celebrity Endorsements on Cryptocurrencies,” conducted by two former SEC economists, Joshua T. White and Sean Wilkoff, investigated the influence of celebrities promoting various ICOs. Research has shown a link between celebrities' endorsement of crypto projects and their likelihood of being a scam. They found that celebrity-backed ICO scams increased by 23-26 percentage points by September 2019, increasing to 39-40 percentage points by April 2023.

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