Kim Kardashian must pay $1.26 million for a misleading Ethereum ad.
I couldn’t sacrifice my emotions for a publicity stunt, but she doesn’t seem too concerned about the money her fans will lose out on. Kim Kardashian was taken aback by the reality that even celebrities are subject to scrutiny on virtual currencies.
A combination of quality swimwear and cryptography is the prescription for a productive summer.
In June 2021, the reality TV “star” promoted EthereumMax (EMAX) on Instagram without disclosing compensation.
The message began with the standard disclaimer that “this is not investment advice” before describing how incredible the token was and emphasizing that it would be foolish to pass up an opportunity with such huge potential.
Given that the account has over 228 million active followers, it is not difficult to imagine how many individuals were lured by this wonderful offer given by their favorite celebrity. Their favorite celebrity made this offer.
Floyd Mayweather and Paul Pierce were both in possession of shitcoin (Boston Celtic). She was merely relaying what his friends had just said about the EMAX token, a celebrity whose breasts were as big as her ego.
However, she neglected to indicate that her reward for promoting this project exceeded two hundred and fifty thousand dollars. This was a factor that the Securities and Exchange Commission (SEC) did not weigh heavily. In the United States, there is a statute known as “anti-solicitation,” and the incident involving the young woman is a good illustration of how it should be enforced.
Despite being at the beach, Kim does not get wet.
The SEC acted immediately in response to the concerns expressed by a substantial number of consumers. Even though the court case is still ongoing, it looks like the three celebrities will have difficulty defending themselves.
The SEC can drive home its point by bringing the trial to the attention of the cameras, who are delighted to observe the latest escapades of their favorite bimbo.
This story serves as a cautionary tale to investors that just because a famous person or influential person backs a certain investment opportunity (such as crypto asset securities), that doesn’t mean that the investor should necessarily put their money into that opportunity. […] Every investor should weigh the risks and rewards of an investment against their individual financial goals. […] The example of Ms. Kardashian serves as a reminder that prominent figures like herself are obligated by law to reveal when and how much they are paid to encourage securities investing.
Gary Gensler, Chairman of the SEC
Significant numbers of individuals followed the young woman’s advice, resulting in the current price of EMAX having increased by more than 1,370%. Then, as may have been anticipated, there was a precipitous decline of more than 98%. It is unknown if Kim took advantage of the opportunity to sell his tokens in addition to getting a hefty commission on the purchases of his followers.
The famous actress has not publicly addressed the rumor that she “attempted” to conceal some information, which shows she is oblivious to her own free will. On the other side, she agreed to send a $1.26 million check to the SEC.
In addition, she promised not to bring attention to any token or cryptocurrency for the next three years. In the end, it would be better for the environment if she simply refrained from discussing the issue.