Tuesday, December 6, 2022
HomeETHSEC fines Kim Kardashian to pay $1.26 million for promoting EthereumMax

SEC fines Kim Kardashian to pay $1.26 million for promoting EthereumMax

The Securities and Exchange Commission (SEC) currently engaged in active supervision of the security markets in order to protect investors from being taken advantage of by manipulators as well as those who violate the rules that govern the securities industry. The SEC filed charges against the American celebrity and influencer on October 3 alleging that she promoted a digital asset security without revealing to her followers the money that she had received for it.

Kim Kardashian, a socialite from the United States, will be required to pay a fine of $1.26 million as a result of her participation in the marketing of a cryptocurrency fraud known as EthereumMax (EMAX).

Kardashian violated the anti-touting provision of the federal securities laws

The United States Securities and Exchange Commission (SEC) announced that charges would be brought against Kardashian for “touting on social media a crypto asset security offered and sold by EthereumMax” without disclosing the payment received for her promotional involvement. The charges stem from the fact that Kardashian did not disclose the payment she received.

Kardashian has indicated that she is willing to comply with any future inquiries that the SEC may have about the EthereumMax project and has indicated that she will resolve the accusations in exchange for a payment of $1.26 million in fines, disgorgement, and interest.

According to the notice, Kardashian did not reveal a payment of $250,000 that she had received in order to make a post on her Instagram page promoting EMAX tokens along with a link to the project’s website.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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