A rival crypto exchange has released a warning in response to FTX's Super Bowl bitcoin giveaway.
Ahead of a crypto ad campaign performed by rivals during this year's Super Bowl, the world's largest cryptocurrency exchange has issued a warning.
Some of the world's largest cryptocurrency exchanges are planned to fill high-profile advertising spots with eye-catching advertisements, including a bitcoin giveaway hosted by the FTX exchange.
Exchange based in the Cayman Islands Binance, which handles more trade volume than any of its competitors, is unlikely to appear in the Super Bowl commercials. Instead, it has created its own ad campaign, paying a celebrity athlete to warn people about the dangers of celebrity-fronted bitcoin advertisements.
"On February 13th, you'll hear some of the biggest names urging you to get into crypto, but they have no idea who you are or how much money you have." Only you," Jimmy Butler, a five-time NBA All-Star, wrote in a statement on Binance's official Twitter account.
"Binance and I are here to tell you: Have faith in yourself and, of course, conduct your own study." Before the game, keep an eye out for more."
Bitcoin's price has risen in the days running up to the Super Bowl, with some market analysts speculating that the spike is linked to the crypto marketing campaign's hype.
The price increase could be part of a campaign by large holders to artificially inflate the price of BTC ahead of the Super Bowl in order to cash in on the mainstream hype that will be generated, according to prominent bitcoin sceptic Peter Schiff, the founder and CEO of brokerage firm Euro Pacific Capital.
He tweeted last week, "The new bitcoin spike could well be another coordinated pump-and-dump, this time tied to the Super Bowl crypto advertising blitz."
"Will the pump survive all the way to the Super Bowl, or will some of the pumpers abandon ship and dump early in order to get ahead of the crowd?"
Bitcoin's price has been extraordinarily volatile in recent months, plummeting from an all-time high of nearly $68,000 in November to below $34,000 before staging its latest recovery.
Bitbuy, Coinbase, Crypto.com, and eToro are among the other crypto companies scheduled to run ads during the Super Bowl, with 30 seconds of prime time costing up to $7 million.