Kim Kardashian fined $1.26 million for secretly promoting crypto on Instagram
Kim Kardashian has paid $1.26 million in settlement to the Securities and Exchange Commission (SEC) over charges relating to her promotion of EthereumMax on social media.
The SEC had filed charges against Ms Kardashian for not disclosing the $250,000 payment she received for posting promotional content about EthereumMax, according to a press release issued on Monday.
“The SEC’s order finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens,” the securities regulator said on Monday.
The SEC’s order found that Ms Kardashian violated the anti-touting provision of federal securities laws. Her payment of $1.26 million includes approximately $260,000 in disgorgement, including the promotional fee plus prejudgment interest and a $1 million penalty.
EthereumMax, which has no relation to the virtual asset Ethereum, had also been promoted by professional boxer Floyd Mayweather Jr. In January, investors of EthereumMax sued both Ms Kardashian and Mr Mayweather.
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” SEC Chairman Gary Gensler said in a tweet.
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