A-list celeb Kim Kardashian will have to fork over $1.26 million to the Securities and Exchange Commission (SEC) after she was charged with unlawfully shilling a dodgy crypto token to her more than 200 million Instagram followers.
Last year, Kardashian joined the likes of Jake Paul and Floyd Mayweather Jr in Promovarea a crypto asset called EMAX when she gushed to her followers: “Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”
She followed up with: “A few minutes ago Ethereum Max burned 400 trillion tokens — literally 50% of their admin wallet giving back to the entire E-Max community.”
This may have sounded great at the time to some, however, earlier this year, the token was indicat pentru a fi just another pump and dump.
Kim’s promotion of EMAX failed to properly disclose her involvement with the project, specifically a payment of $250,000 from EthereumMax, the token’s provider.
Her punishments, a anunțat today, include:
- A three-year ban on promoting any crypto assets,
- A penalizare de 1,000,000 de dolari,
- $260,000 in disgorgement.
Officials said: “Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”
Citeşte mai mult: Investitorul cripto o dorește pe Kim Kardashian în instanță pentru pompa și descărcarea
EMAX closely semăna SafeMoon, a similar token that’s been embroiled in its own controversies, including a $12 million pump and dump scheme comise by a famous YouTuber. After the celebrity promotions, EMAX pumped by more than 1,000% before shedding more than 99% of its original value.
It’s alleged that Ethereum max co-founders, Giovanni Perone and Steve Gentile, unloaded their personal holdings of EMAX before it collapsed to turn a handsome profit.
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Source: https://protos.com/no-more-crypto-promos-for-kim-kardashian-rules-sec/