The American authorities intend to clean the jungle from financial influencers. This Monday, October 3, the SEC (Securities and Exchange Commission) fined Kim Kardashian $1.3 million for promoting a cryptocurrency (Meta) on Instagram without indicating that she was paid for it. Through fake tips among friends, the world’s most popular influencer promoted the merits of Ethereum Max to its 331 million subscribers in June 2021. “Are you into Crypto??? This post is not financial advice, but what my friends told me about the Ethereum Max token.”Then he wrote on his Instagram page: The message included a link to the EthereumMax website, which instructed users on how to purchase these digital tokens.
It took several months for the financial market police to find out that the American star received a tidy sum of $250,000 for this publication. “ This case reminds us that when celebrities or influencers reveal investment opportunities, including when it comes to crypto-assets, this does not mean that these financial products are suitable for all investors. said SEC Chairman Gary Gensler. The Atlantic federal agency also clarified that the influencer has agreed to cooperate in an investigation into financial fraud involving cryptocurrency. Kim Kardashian, who tops the list with an estimated personal fortune of $1.8 billion, has also vowed not to offer any crypto-assets for the next three years.
Apart from the American reality TV star, several personalities such as former NBA king Paul Pierce and superstar boxer Floyd Mayweather Jr. have also been promoting Ethereum Max on their social networks in recent months. “ These communications, whose commercial nature is sometimes hidden, contribute to the artificial inflation of the value of financial assets “, worries the government.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.