Kim Kardashian Pays $1.26m For Unlawful Promoting EthereumMax Crypto
Oct 3, 2022 ·
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US reality star Kim Kardashian has paid $1.26 million fine for unlawfully promoting a cryptocurrency on social media without revealing that she was paid to do so, the Securities and...
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US reality star Kim Kardashian has paid $1.26 million fine for unlawfully promoting a cryptocurrency on social media without revealing that she was paid to do so, the Securities and Exchange Commission announced Monday.
The SEC had filed charges against the "Keeping Up With the Kardashians" star for not disclosing the $250,000 payment she received for posting promotional content about EthereumMax, according to an SEC press release. Kardashian also agreed not to promote any cryptocurrencies for three years.
In 2021, Kim Kardashian shared promotional content to her followers on Instagram. Kardashian has one of the largest followings on social media, with 331 million followers on Instagram and close to 74 million followers on Twitter.EthereumMax, which has no relation to the Ethereum blockchain, was also promoted by professional boxer Floyd Mayweather Jr. In January, investors of EthereumMax sued both Kardashian and Mayweather.
"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," SEC Chairman Gary Gensler said in a tweet.
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The SEC had filed charges against the "Keeping Up With the Kardashians" star for not disclosing the $250,000 payment she received for posting promotional content about EthereumMax, according to an SEC press release. Kardashian also agreed not to promote any cryptocurrencies for three years.
In 2021, Kim Kardashian shared promotional content to her followers on Instagram. Kardashian has one of the largest followings on social media, with 331 million followers on Instagram and close to 74 million followers on Twitter.EthereumMax, which has no relation to the Ethereum blockchain, was also promoted by professional boxer Floyd Mayweather Jr. In January, investors of EthereumMax sued both Kardashian and Mayweather.
"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," SEC Chairman Gary Gensler said in a tweet.
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