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.

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

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.

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.

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.

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

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.

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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