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Sporting stars lose millions amid crypto crash
Many stars and celebrities are getting caught up in the crypto market crash right now, with big names losing millions
Most recently, star Quarterback Trevor Lawrence has had $22 million wiped off his cryptocurrency portfolio.
The Jacksonville Jaguars athlete pushed his entire signing bonus into the sector when he decided to accept his wage in digital currency.
The 22-year-old partnered with a crypto tracking app, Blockfolio.
He organised for his entire wage package of $34 million to be delivered in cryptocurrency.
However, Bitcoin has currently lost more than 70 percent of its value, which has sent Lawrence’s paycheck nosediving.
His original pay packet is now worth just $12 million, leaving the Quarterback $22 million out of pocket.
Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation.
The overall market value of crypto assets has fallen from $3 trillion to below $1 trillion.
This expensive nightmare for Lawrence follows a string of other top athletes like NFL star Odell Beckham and NBA player Andre Iguodala also losing millions.
David Furones
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