FTX bitcoin giveaway at Super Bowl prompts warning from rival crypto exchange

Binance says: ‘Trust yourself and do your own research’

Crypto exchange FTX plans to give away millions of dollars worth of bitcoin during the Super Bowl on 13 February, 2022 (FTX/ iStock)

The world’s largest cryptocurrency exchange has issued a warning ahead of a crypto ad campaign staged by its rivals during this year’s Super Bowl.

Some of the world’s biggest crypto platforms are planning to flood the high-profile advertising slots with eye-catching adverts, including a bitcoin giveaway staged by the FTX exchange.

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Cayman Islands-based exchange Binance, which handles more trading volume than any of its rivals, is not expected to feature during the Super Bowl ads. Instead, it has launched its own alternative ad campaign, hiring a celebrity sports star to warn people to be weary of celebrity-fronted bitcoin adverts.

“On 13 February, you’re going to hear some of the biggest names telling you to get into crypto, but they don’t know you or your finances. Only you do,” five-time NBA star Jimmy Butler said in a message posted through Binance’s official Twitter account.

“Binance and I are here to tell you: Trust yourself and, of course, do your own research. Be on the lookout for more before the game.”

Bitcoin has surged in price in the days leading up to the Super Bowl, with some market analysts suggesting that the rally could be correlated to the hype surrounding the crypto ad campaign.

Prominent bitcoin skeptic Peter Schiff, who is the founder and CEO of brokerage firm Euro Pacific Capital, claimed the price rise 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.

“The latest bitcoin rally may well be another orchestrated pump-and-dump, this time related to the Super Bowl crypto advertising blitz,” he tweeted this week.

“The question is, will the pump last all the way to the Super Bowl, or will some of the pumpers jump ship and dump early to front run the crowd?”

The price of bitcoin has been extremely volatile in recent months, crashing from an all-time high above $68,000 in November to below $34,000, before staging its latest recovery.

Other crypto companies expected to feature during the Super Bowl ad slots include Bitbuy, Coinbase, Crypto.com and eToro, with 30 seconds of prime time costing up to $7 million.