Kim Kardashian fans react as star faces £1.12m fine after 'pump and dump' crypto scheme

dailystar.co.uk:

Kim Kardashian has been faced with a £1.12m ($1.26m) fine for advertising EthereumMax on her Instagram page without informing fans that it was an ad.The 41-year-old influencer also failed to disclose the fact that she was paid £220,000 ($250,000) for promoting the cryptocurrency asset on her social media feed, according to the Securities and Exchange Commission.She has now agreed that she will not promote crypto asset securities for three years.READ MORE: Kim Kardashian swears off dating after Kanye and Pete splits, saying she's 'not ready'Talking to BBC News, her lawyer said: "Ms Kardashian is pleased to have resolved this matter with the SEC."Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. "She wanted to get this matter behind her to avoid a protracted dispute.Since the news of Kim's fine hit Twitter, fans had quite a lot to say about it.One social media user wrote: "This was a pump and dump scheme and some people lost their life savings because celebrities know that they can do whatever tf they want, if they steal, they pay a fine if people steal, they go to jail.

She is going to be a lawyer?"Meanwhile another chimed: "That's like a regular person getting a $1 fine... She has probably spent more on shoes in her lifetime."While a third said: "Wait, there's people who think celebrities do advertisements for free?"In June last year, Kardashian took to Instagram and wrote: "ARE YOU INTO CRYPTO???

THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN."The post included a link to the EthereumMax website, which provided instructions for those interested to purchase EMAX.