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Vanity Fair’s “Crypto Believers” Shoot Sparks Mockery

Crypto elite's glamorous shoot clashes with reputational damage and cratering market.

  • A Vanity Fair photoshoot starring key crypto figures drew widespread criticism for its perceived vanity and ironic timing.
  • Featured individuals include executives linked to significant market collapses, regulatory penalties, and delayed projects.
  • The piece showcases a disconnect between the industry’s self-presentation and its ongoing market struggles.

In April 2026, Vanity Fair published a feature and photoshoot of cryptocurrency’s “true believers” at a luxury hotel, prompting immediate ridicule online. The profile included figures such as Mike Novogratz of Galaxy Digital, OpenSea co-founder Devin Finzer, and Ark Invest‘s Cathie Wood.

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However, the timing was particularly awkward for some participants. Finzer had just confirmed another delay for his OpenSea token launch, while his company’s valuation had NFT-market-turmoil/” target=”_blank” rel=”noreferrer noopener”>collapsed from $13 billion to under $2 billion. Novogratz, who sported a Luna tattoo” inspired by a failed project he promoted, had seen Galaxy Digital agree to pay $200 million to settle with New York’s attorney general earlier in 2025. Consequently, Morningstar had ranked Wood’s fund family as America’s top wealth-destroyer over the past decade.

Meanwhile, the broader cryptocurrency market has lost roughly $2 trillion since its peak, with major assets like Bitcoin and ether down significantly from their highs. The photoshoot’s attendees, including Polychain Capital’s Olaf Carlson-Wee who had recently appeared with Kanye West during a controversial memecoin saga, and Erik Voorhees whose promoted tokens have plummeted, presented a stark contrast to the industry’s current struggles. Vanity Fair ultimately provided a platform for these figures to “tell on themselves” amidst a period of declining fortunes.

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