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Kim Kardashian to pay over $1M to settle with SEC over crypto charges
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Kim Kardashian will pay $1.26 million to settle charges that she unlawfully touted a crypto asset security on social media without disclosing the payment she received for the promotion, the U.S. Securities and Exchange Commission said on Monday.
The SEC said that Kardashian failed to disclose that she was paid $250,000 to post on her Instagram account about EMAX tokens, a crypto asset offered by EtherumMax.
"Are you guys into crypto????" the post on her Instagram story from June 2021 read. "This is not financial advice but sharing what my friends just told me about the Ethereum Max token!"
"A few minutes ago Ethereum Max burned 400 trillion tokens- literally 50% of their admin wallet giving back to the entire E-Max community."