Kim Kardashian got fined $1.26 million by the Securities and Exchange Commission for promoting a cryptocurrency token on social media without disclosing how much she was paid.
In June 2021, Kardashian invited her 328 million Instagram followers to invest in EthereumMax.
Last year, Kardashian was one of many celebrities involved in the crypto craze, which included intense interest in & advertising for cryptocurrencies.
Bitcoin & other digital assets can be bought & sold on cryptocurrency exchanges.
Using cryptocurrency technology already in place, EthereumMax is a tradable asset. Skeptics were suspicious of it because of its online promotion.
Here is what the article states –
“At the height of the crypto craze, numerous celebrities and influencers promoted a slew of coins and cryptocurrencies with names like “#SafeMoon” and “$TITScoin.” Over a year later, the value of many of those tokens has plummeted, leaving investors with less valuable assets than when they bought them.
As the crypto wave has receded, coalitions that warn against the industry — some that are organized and include lobbyists and politicians, others that are consumer-driven — have started to push back against the influential people who promoted what some view as scams.”
Read the full story here.
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