They’re some of the most lucrative celebrities on Instagram, but a Kardashian recently got into hot water for not playing by the rules.
Kim Kardashian was charged for illegally promoting cryptocurrency on her Instagram account and paid a hefty penalty. On October 3, 2022, the Securities and Exchange Commission (SEC) announced charges against the SKIMS founder for “touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion.” The SEC found the aspiring lawyer had been paid $250,000 to promote EMAX crypto tokens on her Instagram account with a link to the EthereumMax website, which provided instructions for how potential investors could purchase EMAX tokens.
Kardashian paid $1.26 million in penalties “without admitting or denying the SEC’s findings” and agreed not to promote any crypto assets for three years.
SKKN BY KIM. “Ms. Kardashian is pleased to have resolved this matter with the SEC,” Kim’s lawyer told E! News. “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.
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