Here is a look at celebrities who promoted cryptocurrencies on social media

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Kim Kardashian recently drew flak from the UK's financial watchdog over the promotion of a relatively unknown cryptocurrency on social media. Charles Randell, chair of the UK's Financial Conduct Authority, said on August 7 that Kardashian had asked her followers to speculate on a token in what "may have been the financial promotion with the single biggest audience reach in history" as she promoted the Ethereum Max token to over 250 million of her Instagram followers. However, experts warn against falling for such promotions as celebrities who get paid for them often have no knowledge about these 'pump and dump' schemes. Celebrities like Kim Kardashian make up to $500,000 for a single Instagram post or story to promote products. (Image: AP)

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Floyd Mayweather: The boxing superstar (L) known for his lavish spending habits and his business acumen has also been promoting the Ethereum Max token, not to be confused with the Ether token based on the Ethereum blockchain. Ethereum Max was accepted for payment of tickets to his recent show match against YouTuber Logan Paul. (Image: AP)

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Jake Paul: Social media star and brother of Logan Paul, Jake has endorsed a variety of cryptocurrencies through his Twitter account. Previous endorsements include SafeMoon, YummyCoin and Dogecoin. (Image: Shutterstock)

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Loren Gray: YouTuber and social media influencer Loren Gray had partnered up with Gemini, a cryptocurrency exchange, on her Instagram account. (Image: Shutterstock)

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Charli and Dixie D'Amelio: The TikTok stars and sisters recently posted their partnership with Gemini, on their family Instagram account. The sisters are two of the biggest names on TikTok and have nearly 70 million followers on Instagram combined. (Image: YouTube)

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Jamie Foxx: Actor, singer and celebrity Jamie Foxx (L) has also joined the crypto craze recently. Foxx was promoting the token sale of Cobinhood, another free cryptocurrency trading exchange.