The world’s most famous influencer had touted Ethereum Max to her 331 million followers, not mentioning that she had been paid to do so.
The American authorities intend to clean up the jungle of financial influencers. This Monday, October 3, the SEC (Securities and Exchange Commission) fined Kim Kardashian $1.3 million for promoting a cryptocurrency on Instagram (Meta), without mentioning that she was paid for it. With the false air of advice between friends, the most famous influencer in the world had extolled the merits in June 2021 of Ethereum Max to its 331 million subscribers. “Did you get into Crypto??? This post is not financial advice, but a sharing of what my friends have told me about the Ethereum Max token”, she then wrote on her Instagram account. The message included a link to the EthereumMax website, which gave users instructions on how to purchase these digital tokens.
It took several months for the financial market policeman to discover that the American star had received the tidy sum of $ 250,000 for this publication. “ This case reminds us that when celebrities or influencers tout investment opportunities, including when it comes to cryptoassets, it doesn’t mean that these financial products are suitable for all investors. said SEC Chairman Gary Gensler. The federal body across the Atlantic also clarified that the influencer had agreed to cooperate in an investigation into financial scams related to cryptocurrency. Kim Kardashian, at the head of a personal fortune estimated at 1.8 billion dollars, has also pledged not to promote any cryptoassets for the next three years.
Read alsoReality TV star Kim Kardashian launches her investment fund
Besides the American reality TV star, several personalities like former NBA king Paul Pierce and superstar boxer Floyd Mayweather Jr. have also been touting Ethereum Max on their social media in recent months. “ These communications, whose commercial nature is sometimes hidden, contribute to artificially inflate the value of financial assets », worries the authority.
SEE ALSO – The question of the day: should the activity of influencers on social networks be regulated?