The reality TV star agreed to pay a fine of over $1 million for an undisclosed partnership with a cryptocurrency project she promoted.
A hidden advertisement that is expensive for Kim Kardashian | Photo credits: zz/John Nacion/STAR MAX/IPx/AP/SIPA
“But, by the way, why is she famous? » wondered Barack Obama in 2012. Ten years later, the Security Exchange Commission (SEC) may provide him with an answer: for having been fined $1.26 million and agreed to pay it. With this transaction, the American market policeman closes his proceedings against Kim Kardashian, he said in a press release published on Monday. The authority accused the star of the small screens of having advertised a cryptocurrency without first mentioning its pecuniary links with the promoters of the token.
For example
Kim Kardashian, who has neither confirmed nor denied the information from the SEC, had indeed published a message on the Instagram social network on June 13, 2021, encouraging her subscribers to join the “EthereumMax community”tell The echoes. But she had at the same time pocketed $250,000 to talk about it. What is prohibited under US law: “Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote an investment in assets.”said SEC Chairman Gary Gensler.
The token associated with EthereumMax, the EMAX, is in no way linked to the Ethereum blockchain whose token, ether, represents the second largest capitalization of cryptocurrencies behind bitcoin. This first is suspected of having simply served its creators as a speculative object to attract investors and collect the capital gain at the top of the wave without any real future project. The value of the EMAX has thus lost more than 99% since its record of 2021, note again The echoes.
Kim Kardashian isn’t the first celebrity to run into trouble with US authorities for covertly promoting digital assets. In France, it will be remembered that Nabilla had been sentenced to pay a fine of 20,000 euros last year for having rented on Snapchat the qualities of an online trading training specializing in the sale and purchase of bitcoins.