Kim Kardashian fined $1.26M for Promoting Illegal Crypto Investment Scheme

Reality TV star Kim Kardashian paid a $1.26 million fine to the SEC after she was charged with unlawfully advertising an illegal crypto investment scheme on Instagram federal officials said on Monday.

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She promoted on social media a cryptocurrency being offered and sold by EthereumMax without disclosing that she was getting paid for the promotion.

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The SEC is investigating her for insider trading, and she has agreed to settle the charges and pay fines of $1.26 million in penalties, disgorgement and interest.

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Kardashian seems to be interested in cryptocurrencies according to her recent posts on Instagram stories. For starters, she has asked her followers if they are into it as well.

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She also mentions that what she shares as advice below is not professional or financial advice and is only speculative opinions from people she knows.

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She encouraged her followers to head to the EthereumMax website and "join the E-Max community".

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The SEC found that Kardashian had not disclosed receiving $250,000 to publish a post on her Instagram account about EMAX tokens. These are the crypto assets offered by EthereumMax.

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Kardashian's post contains a link to the EthereumMax website which provides prominent instructions for prospective investors. The EMAX token sale is currently still ongoing.

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