UFC Hall of Famer Khabib Nurmagomedov has thrown his considerable weight behind a controversial new cryptocurrency project. In a recent X post, Nurmagomedov voiced his support for the ‘CONVICT’ meme coin, a satirical cryptocurrency initiative aiming to raise funds for the victims of fellow UFC fighter Conor McGregor. McGregor was recently found liable in a sexual assault civil case, triggering a significant backlash and impacting his public image.
Nurmagomedov’s endorsement, shared with his millions of followers, stated: “Good job guys, you have my full support, this guy deserves punishment.” This statement lends considerable weight to the CONVICT project, which describes itself as a satirical response to McGregor’s conviction. The coin’s creators are funneling donations to a cryptocurrency address designated for covering the legal fees of McGregor’s victims.
The CONVICT coin, trading on the Solana-based decentralized exchange Raydium, experienced a rapid surge in market capitalization, reaching a reported $336,370. However, significant concerns surround the coin’s viability. Its extremely low liquidity, estimated at around $82,900, exposes it to potentially dramatic and unpredictable price swings. Furthermore, its absence from major cryptocurrency exchanges raises considerable red flags for potential investors, highlighting a lack of regulatory oversight and the inherent risk associated with such ventures.
This development follows a civil court jury verdict last week, ordering McGregor to pay nearly €250,000 (approximately $263,600) in damages to the woman he assaulted in a Dublin hotel in December 2018. The fallout from the verdict has been substantial, extending to the removal of McGregor’s wax figure from the National Wax Museum Plus in Dublin. The incident adds to a growing list of controversies surrounding the Irish MMA star.
This isn’t the first time Nurmagomedov has been involved in ventures related to cryptocurrencies. Last year, he faced criticism from online cryptocurrency investigator Coffeezilla regarding accusations of promoting a possible cryptocurrency scam related to a non-fungible token (NFT) project. This incident underscores the complexities and risks associated with celebrity endorsements in the volatile world of digital assets. The CONVICT coin’s success, or failure, will likely be closely watched, given the high-profile figures involved and the sensitive nature of the underlying cause. The intersection of celebrity endorsements, cryptocurrency, and high-profile legal battles creates a unique and unpredictable scenario, raising questions about the ethical considerations of leveraging such events for financial gain.
