Ben McKenzie, best known for playing heartthrob Ryan Atwood on The O.C., had a rude awakening when he ventured into the world of cryptocurrency. The actor and journalist, who embarked on a Gonzo-style investigation into the crypto industry, lost $250,000 by betting against the market, which was driven by hype, misinformation and celebrity endorsements.
McKenzie was shocked to see his fellow actors, such as Matt Damon, Reese Witherspoon and Gwyneth Paltrow, promoting crypto exchanges and coins without understanding or disclosing the risks. He also witnessed Elon Musk’s infamous appearance on Saturday Night Live, where he joked about Dogecoin, a worthless cryptocurrency that spiked in value around the same time.
“I think that’s a clear example that something is very rotten in Denmark,” McKenzie told The Independent.
McKenzie’s investigation, which he conducted with his collaborator and fellow Dodgers fan Jacob Silverman, revealed the dark side of the crypto craze, which lured millions of investors with promises of easy riches and financial freedom. He uncovered fraud, market manipulation and insider trading by some of the biggest players in the industry, such as FTX, which collapsed in late 2022 amid regulatory crackdowns and lawsuits.
He also exposed the role of celebrities in pumping up the crypto bubble, which burst spectacularly in the same year. He called out stars like Kim Kardashian, Floyd Mayweather and Paul Pierce, who are now facing legal action from investors who allege they lost money due to their crypto promotions.
“At the end of the day crypto’s just a story, it’s an economic narrative. So it’s fitting that Hollywood, which is an industry built off the power of stories, would ultimately end up having strong ties to it,” McKenzie said.
McKenzie hopes that his investigation will serve as a warning to anyone who is tempted by crypto’s allure. He also hopes that more celebrities will come forward and admit their mistakes, instead of cashing in on their fans’ trust.
He recalled one of the most depressing moments of his journey, when he saw Matt Damon’s ad for Crypto.com during the World Series in 2021. The ad’s slogan was “fortune favours the brave”.
“F***ing Matt Damon comes on the screen. I didn’t know what to make of it, it was very confusing. It was pretty depressing. My reaction was to order another beer,” McKenzie said.
Relevant articles:
– How Matt Damon and a fairytale sent The O.C.’s Ben McKenzie down the crypto rabbit hole, The Independent, July 27, 2023
– The Disastrous Record of Celebrity Crypto Endorsements, Bloomberg.com, August 1, 2022
– Why Tom Brady, David Ortiz, Jimmy Fallon and other celebrities are getting sued over crypto, CNN Business, December 14, 2022
– Crypto Celebrity Endorsements: The Ups And Downs, ZebPay, January 11, 2023
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