Kim Kardashian was penalized $1.3 million for promoting cryptocurrency, that under the title of Misleadingly promoting, but the question is what about Elon Musk?
Anyway, Kim Kardashian agreed to pay a $1.3m, fine for advertising EthereumMax via her Instagram account.
Under Misleadingly promote Investors sued Ms. Kardashian, Floyd Mayweather Jr., Paul Pierce, and EthereumMax’s founders in January.
They were accused of conspiring to “misleadingly sell and promote” cryptocurrency through a “pump-and-dump” scheme that inflated the price before selling it to investors.
Really don’t know what Elon Musk Dogecoin promotion is called, but it’s common goals and a similar way as I see.
But the reality TV star received $250,000 to promote EthereumMax without disclosing it.
So Kim Kardashian will be fined to settle allegations that the Securities and Exchange Commission (SEC) broke US rules by promoting a cryptocurrency without disclosing that she was paid for the promotion.
The regulator has repeatedly warned celebrities who promote cryptocurrencies that they are subject to the same conditions as securities and that they must make it clear to investors that they have been paid for their support.
EthereumMax denied the claims, even though EthereumMax does not have any legal or business relationship with Ethereum cryptocurrency.