Kim Kardashian fined for fraudulently promoting a cryptocurrency

Posted Oct 3, 2022, 3:09 PMUpdated Oct 3, 2022, 3:14 PM

The authority specifically accuses the reality TV star, influencer and businesswoman of advertising a cryptocurrency asset, EMAX tokens, sold on EthereumMax, failing to indicate that she had been compensated 250,000 dollars by the platform for this operation.

The fine includes a penalty of 1 million dollars as well as a relief of 260,000 dollars which represents the sum received by Kim Kardashian and interest.

Rapper Kanye West’s ex-wife, who agreed to cooperate with the SEC, also pledged not to promote cryptocurrency assets for three years.

“This case is a reminder that when celebrities or influencers promote investment opportunities, including cryptocurrency assets, that doesn’t mean those investment products are good for all investors, SEC chief Gary Gensler said in a statement. We encourage investors to consider the potential risks and opportunities of an investment in light of their financial objectives. »

According to Forbes, Kim Kardashian’s personal fortune is $1.8 billion. She has 331 million followers on Instagram.

Already present in the world of make-up and sculpting underwear, she launched the private equity firm SKKY Partners in early September with Jay Simmons.

Other celebrities have been caught in the past by US authorities for illegally promoting cryptocurrencies, including boxer Floyd Mayweather, rap star DJ Khaled, actor Steven Seagal and rapper TI

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