Keeping up with the Kardashians. Kim Kardashian will pay $1.26 million to the SEC for promoting EthereumMax to her Instagram followers without disclosing the payments she received.
American socialite Kim Kardashian will pay $1.26 million in penalties for her involvement in the promotion of a cryptocurrency scheme called EthereumMax .the charges against Kardashian on Oct. 3 for"touting on social media a crypto asset security offered and sold by EthereumMax" without disclosing the payment received for her promotional involvement.
The announcement noted that Kardashian failed to disclose a $250,000 payment she had received to publish a post on her Instagram profile promoting EMAX tokens with a link to the project’s website. Kardashian neither admitted or denied the SEC’s findings but agreed to settle the charges. This was broken down into $260,000 in disgorgement as well as a $1 million penalty. Kardashian has also agreed to not promote any cryptocurrency assets until 2025.This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
Kardashian posted Instagram stories promoting the project in June 2021, with the likes of boxing great Floyd Mayweather also embroiled in the lawsuit after promoting the Ethereum-based token in the build-up to a celebrity boxing bout against YouTuber Logan Paul during the same period.
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