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Kim Kardashian forced to pay $1.26 million for part in crypto scam

Kim Kardashian forced to pay $1.26 million for part in crypto scam

Kim Kardashian to pay $1.26 million fine to the SEC for her part in a crypto scam, an ad for EthereumMax. The socialite had promoted the coin in an Instagram Story ad back in 2021.

“Are you guys into crypto???? This is not a financial advice but sharing what my friends just told me about the Ethereum Max token! A few minutes ago Ethereum Max burned 400 trillion tokens- literally 50% of their admin wallet giving back to the entire E-Max community,” the ad read.

As it turned out, the coin was worthless. Investors, who claimed that they had been moved to pitch their tent with the crypto asset after seeing endorsements from Kim, Paul Pierce, and Floyd Mayweather Jr., sued the celebrities.

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Despite Kim’s post saying that she was not giving financial advice, she was still liable. However, Kim Kardashian refused to admit any wrongdoing. In a statement, her lawyer said that she was cooperating with the authorities and reached an agreement.

The SEC said that the influencer failed to reveal the $260,000 payment she received for the post. So, she paid the exact sum back and $1 million extra as a penalty.

In a statement to the public, Gary Gensler, chairman of the SEC, said: “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.”

There is no news on how the same case is going for Paul Pierce and Mayweather. 

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.