Misleading ad for fake Ethereum busted on the ground: Kim Kardashian will pay $1.26 million
Mirror, mirror, tell me who’s the most crypto – We learned today and yet, this case is no longer brand new. The DRY (Security and Exchange Commission) in a press release already shared on social networks, informs us that Kim Kardashian, the renowned influencer finds herself pinned down by the US financial policeman. Explanations.
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Catfight between the SEC and Kim Kardashian
The wealthy influencer would have thus, on her social networks, boasted, “ offered and sold ” actives EMAX for Ethereum Max. Confusing and implying for the uninformed public a link with the prince of cryptocurrencies, ether, the latter would then have sold the EMAX a more than dubious cryptocurrency.
With his influence, the celebrity sold the token without warning his subscribers that the advertising was sponsored. The SEC press release even tells us that the star would have touched $250,000 for this partnership.
The words of SEC Chairman Gary Gensler, echoed by the press release hurry from the SEC, are clear about the witch hunt being waged against influencers. Transparency and rigor are required of them regarding the investment opportunities they put up for sale:
“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. Ms. Kardashian’s case also reminds celebrities and others that they are required by law to disclose to the public when and how much they are paid to promote securities investing. »
Fine, reimbursement of victims who saw the EMAX go up as quickly as it was able to come down: the glittery influencer also had to agree to no longer promote cryptocurrencies, and this, over the next three years.
This case reminds us all too well of the importance of doing your own research in the world of crypto. The SEC is not the only regulator to have this kind of publicity in the viewfinder. The French financial police They too are hunting down crypto (and non-crypto) influencers abusively and illegally touting the imaginary success of an investment. So let’s be careful.
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