The US Securities and Exchange Commission filed accusations against Kim Kardashian for advertising Ethereum Max, a cryptocurrency-based investment.
The well-known television personality, model, and entrepreneur in the United States agreed to pay $1,260,000 to resolve the claims.
In January of this year, CryptoPotato reported on a lawsuit filed in California against Floyd Mayweather and Kim Kardashian, alleging that they deceived investors by advertising the EthereumMax cryptocurrency security.
Kardashian will pay $1.26 million in fines, disgorgement, and interest for failing to declare the cash she got for promoting the cryptocurrency, according to a deal released by the SEC on October 3.
Additionally, the television personality will collaborate with the government as the inquiry progresses. According to the Commission, Kardashian earned $250,000 to promote EMAX tokens on her Instagram feed, which has over 330 million followers as of today.
SEC Chair Gary Gensler said, “This lawsuit reminds us that just because celebrities or influencers advocate crypto asset securities doesn’t imply they’re suited for all investors.” We advise investors to evaluate the possible risks and possibilities of an investment in light of their personal financial objectives.”
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