Khamzat Chimaev, the undefeated UFC powerhouse, faces heat outside the octagon. The fighter known for “smashing” opponents may have smashed some wallets, too. Chimaev recently promoted a cryptocurrency called ‘SMASH’, named after his famous catchphrase. It seemed like a chance for fans to invest in their hero’s crypto brand.
However, the coin’s value plummeted faster than a fighter taken down by Khamzat Chimaev. Within 24 hours, ‘SMASH’ lost 96% of its value, leaving investors reeling. Crypto experts are calling it a classic “pump and dump” scheme. A pump-and-dump scheme is a fraudulent investment strategy. It involves artificially inflating the price of the asset to sell at a high price and then causing the value to drop.
Chimaev’s social media buzzed with ‘SMASH’ promotions one day, gone the next. Chimaev himself added several videos promoting the digital coin. These videos no longer exist, as Chimaev deleted them. Some tracked the crypto wallets used in this fraudulent activity and allegedly tracked back to Chimaev himself. A million dollars have been stolen through this scheme.
This controversy came at a time when Khamzat Chimaev was already sidelined due to illness. The crypto world is notoriously volatile, but fans expected their heroes to play fair, even in financial matters. Chimaev or his team has yet to comment on the allegations. This isn’t the first time a celebrity has faced backlash over cryptocurrency promotions. However, it’s a new low for the UFC community.
Khabib Nurmagomedov’s foray into the Crypto world
Khabib Nurmagomedov, the undefeated UFC legend, faced a new kind of opponent: skepticism. ‘The Eagle’s’ venture into the crypto world raised more than a few eyebrows. Nurmagomedov had announced an NFT collection in partnership with GoMining. He promised fans access to his “private club” and Bitcoin mining rewards.
Khabib Nurmagomedov called out by Coffeezilla (via National Today)Not everyone was tapping out to Nurmagomedov’s crypto pitch. Enter Coffeezilla, the self-proclaimed “Internet Detective” known for exposing online scams. Coffeezilla pulled no punches and accused Nurmagomedov of “scamming” his followers. The NFTs had claimed to offer 29 terahashes per second of mining power. It also claimed that each NFT would function as a ticket to private events held by Nurmagomedov several times a year.
Nurmagomedov’s foray into NFTs follows a trend among athletes and celebrities. The recent Khamzat Chimaev alleged scam is a fresh example. Khabib didn’t respond to Coffeezilla’s accusations. This saga highlights the broader issues of celebrity endorsements in crypto. It’s a reminder that even heroes can get caught in controversial situations, which ultimately affects fans.
