SEC Fines Kim Kardashian $1.2M for Touting EthereumMax
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3 October

The Securities and Exchange Commission (SEC) has fined on Monday Kim Kardashian $1.26 million for touting on Instagram cryptocurrency project EthereumMax without disclosing the payment she received for the promotion.

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The regulator said in a press release that Kardashian got $250,000 to publish a post about EMAX tokens. The SEC added that besides the post itself, the advertisement also featured a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens. SEC Head, Gary Gensler, 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."

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The SEC added that Kardashian has already agreed to pay the aforementioned fine, which consists of $260,000 in disgorgement, and a $1 million penalty.

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