The U.S. Securities and Exchange Commission has charged reality TV star Kim Kardashian for unlawfully touting crypto security.
Kardashian promoted Ethereum in Instagram post without disclosing she'd been paid to do soKim Kardashian is shown attending the Met Gala on May 2 in New York City.
The SEC said that Kardashian failed to disclose in a June 2021 Instagram post promoting tokens offered by EthereumMax that she was being paid $250,000 for that endorsement. She will pay that amount plus interest, as well as a $1 million penalty."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," said SEC chair Gary Gensler.
Last month, she launched a new private equity firm focused on investing in consumer and media businesses.