SEC fines Kim Kardashian for promoting EthereumMax

The DRY accused Kim Kardashian to have praised theinvestment in EthereumMax without disclose that she was remunerated. The celebrity agreed to pay a fine.

The American stock market policeman announced on Monday that Kim Kardashian agreed to settle a $1.26 million fine for illegally promoting the EthereumMax cryptocurrency in the summer of 2021.

SEC order finds Kardashian did not disclose she was paid to post on her Instagram account about EMAX tokens […] His message contained a link to the EthereumMax site, which provided instructions for potential investors to purchase EMAX tokens,” the SEC wrote.

The influencer and businesswoman, who neither admitted nor denied the regulator’s conclusions, had been the subject of a complaint filed by several investors who had invested in EMAX earlier this year. The price of the token had quickly collapsed following its launch in May 2021.

According to the SEC, Kim Kardashianwhich in addition to being banned from promoting cryptocurrencies for 3 years, violated the “anti-soliciting provision of the federal securities laws”. The $1.26 million fine includes the celebrity’s $250,000 hit for her Instagram post.

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