SEC Charges Kim Kardashian For Endorsing Crypto Security, Pays $1.26 Mln


The U.S. Securities and Exchange Commission on Monday said it has charged celebrity Kim Kardashian for unlawfully endorsing a crypto asset security by EthereumMax. The SEC order stated Kim Kardashian fails to disclose that she was paid $250,000 to publish a post about EMAX tokens on her Instagram account.

Kim Kardashian Indicted by the SEC

According to a press release on October 3, the Securities and Exchange Commission charged Kim Kardashian for unlawfully promoting EMAX tokens by EthereumMax on her Instagram account. The SEC alleges Kim Kardashian for not disclosing the $250,000 she received to post publish a post on her Instagram account.

The post contained a link to the EthereumMax website, which offers instructions for potential investors to purchase EMAX tokens.

SEC Chair Gary Gensler said:

“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.”

Kim Kardashian agrees to settle the charges for $1.26 million in penalties, disgorgement, and interest. She will also cooperate with the ongoing investigation of the SEC.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



Source link