[Scythian]

FTX's celebrity endorsements were a big red flag, says the family that put all its money into bitcoin
Zahra Tayeb Dec 1, 2022, 6:00 AM

A Dutch family that poured all their money into bitcoin said FTX's celebrity endorsements were a big red flag about the now bankrupt crypto exchange. 

In an interview with CNBC, the father of the family Didi Taihuttu said something was "really off" about FTX, despite it being one of the largest centralized exchanges before blowing up in November, after suffering a severe liquidity crunch. 

The family of five rose to fame after they sold all their assets to buy bitcoin in 2017, when the cryptocurrency was trading at a fraction of its current price at around $900. After living in Portugal for its 0% crypto tax, the Taihuttu's told the outlet they've shifted residence to Phuket, Thailand, are are living on 0.3 bitcoin a month - about $5,000. 

Speaking about FTX, Taihuttu said: "Too many influencers were paid too much money to promote that one," adding that trustworthy crypto products and companies don't usually rely so heavily on endorsements.