Kim Kardashian has been charged with unlawfully touting a crypto security.🔒 According to the U.S. Securities and Exchange Commission, the reality TV star has agreed to settle the charges — and pay $1.26 million in penalties.
All of this relates to Ethereum Max, an altcoin that Kardashian had promoted on Instagram. Her post had said:
According to the SEC, she had failed to disclose that she was paid $250,000 for the endorsement of EMAX tokens."This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors. We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.
Last September, the U.K. Financial Conduct Authority said Kardashian's post "might have been the financial promotion with the single-biggest audience reach in history."
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