EthereumMax : Kim Kardashian agrees to pay fine for fraudulently promoting it

The SEC announced on Monday that Kim Kardashian has agreed to pay a $1.26 million fine for illegally promoting the EthereumMax crypto in the summer of 2021.

The fine includes a $1 million penalty as well as a $260,000 adjustment that represents the amount Kim Kardashian received and interest. The ex-wife of rapper Kanye West, who agreed to cooperate with the SEC, also agreed not to promote crypto assets for three years.

“This case is a reminder that when celebrities or influencers promote investment opportunities, including crypto assets, it does not mean that these investment products are good for all investors,” SEC boss Gary Gensler said in a statement.

The SEC’s order concludes that Kardashian did not disclose that she was paid to post on her Instagram account about EMAX tokens…Her post contained a link to the EthereumMax website, which provided instructions to potential investors to purchase EMAX tokens,” the SEC wrote.

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

According to the SEC, Kim Kardashian, who besides the ban on promoting cryptos for 3 years, violated the “anti-stealing provision of the federal securities laws”. The $1.26 million fine includes the $250,000 the celebrity received for her Instagram post.

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Article written by: Laeti Marison (SatoshiBelle)

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at Trendingcrypto.news magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.