HomeAltcoinKim Kardashian fined $1.26 million for illegally promoting Ethereum Max (EMAX).

Kim Kardashian fined $1.26 million for illegally promoting Ethereum Max (EMAX).

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Following her promotion of Ethereum Max (EMAX) last year, Kim Kardashian was assessed a $1.26 million fine by the Securities and Exchange Commission (SEC) of the United States. She had in fact gone on to extol the virtues of this questionable cryptocurrency while hiding the fact that she had been paid a nice sum of $250,000 by them.

Kim Kardashian is penalized by the SEC for endorsing Ethereum Max
Kim Kardashian has received a $1.26 million punishment from the US Securities and Exchange Commission (SEC) for improperly endorsing Ethereum Max (EMAX).

In fact, last year, the latter had crudely brought up this hazy cryptocurrency in one of her Instagram stories. The Instagram celebrity, who presently has more than 330 million followers, would have “omitted” to mention that he was compensated up to $250,000 for showcasing the initiative.

Kim Kardashian has agreed to pay the demanded amount, which is made up of a $1 million fine plus an additional $260,000 for the cost of promoting the EMAX and prejudgment interest.

In order to avoid dragging out the matter, Kim Kardashian would have completely cooperated with the SEC, according to her attorney:

“Madame Kardashian is pleased to have resolved this matter with the SEC. […] She has cooperated fully with the SEC from the outset and will remain willing to do whatever she can to assist in this matter. She wants to put this affair behind her in order to avoid a protracted conflict. The agreement reached with the SEC allows him to do this and to move forward with his many entrepreneurial projects. »

 

A huge number of people who have been accused

Not just Kim Kardashian but other prominent figures from throughout the world have brought attention to this questionable coin. The police also detained rappers DJ Khaled and T.I, basketball star Paul Pierce, actor Steven Seagal, and boxer Floyd Mayweather.

In fact, American investors filed a class action lawsuit against the latter, accusing them of conspiring with two of cryptocurrency’s inventors to fraudulently inflate the price of the digital currency.

The EMAX price curve is similar to many other projects of the same kind that are frequently pushed and presented in a questionable manner, whose value soars after its debut before plummeting drastically and never increasing again, as illustrated by us in the graph below.

SEC Chairman Gary Gensler observed that not all investment options advocated by public figures were necessarily good ones:

“This case reminds us that when celebrities or influencers endorse investment opportunities, including crypto asset securities, it does not mean that those investment products are suitable for all investors. […] Federal securities laws clearly state that any celebrity or other person who promotes a crypto asset security must disclose the nature, source and amount of compensation they received in exchange for his promotion. »

Kim Kardashian is also forbidden from promoting any cryptocurrency for the following three years.

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