Kim Kardashian has agreed to pay $1.26 million in penalties to the SEC to settle charges that she illicitly touted a cryptocurrency token on social media without disclosing how much she was paid for the promotion.
In June 2021, Kardashian posted an Instagram story inviting her 328 million followers to invest in EthereumMax.
Kardashian was one of many celebrities who werepart of a crypto craze last year, which included intense interest in and advertising and funding of cryptocurrencies and their related technologies. Cryptocurrencies are digital assets, such as Bitcoin, that can be bought and sold via cryptocurrency exchanges. EthereumMax is a cryptocurrency token, which is a tradable asset built on pre-existing cryptocurrency technology.
The SEC hasn’t announced charges against the other advertisers named in that suit related to EthereumMax. Two years ago, Mayweather and music producer DJ Khaledwith promoting an initial coin offering without revealing their compensation. Mayweather paid penalties totaling $614,775, while Khaled paid $152,725, according to an SEC release. Neither admitted or denied the charges or immediately responded to requests for comment.
At the height of the crypto craze, numerous celebrities and influencers promoted a slew of coins and cryptocurrencies
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