Most crypto companies have cut their marketing expenses after spending "hundreds of millions of dollars" on Super Bowl campaigns, sponsorship deals and more, The Wall Street Journal has reported.
The companies have reportedly decided to make cuts due to the market downturn and increased attention from regulators following the collapse of the Terra ecosystem.
According to research firm Sensor Tower, since November, when Bitcoin peaked at $69,000, total ad spending by major exchanges has fallen 90% or more.
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In particular, Crypto.com and Gemini Trust have reduced activity in the field.
Crypto companies have also faced action from regulators. In May, the Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau announced crackdowns on companies claiming to offer deposit protection.
In June, the SEC launched a public warning campaign about the risks to investors who rely on celebrity opinions.