Kim Kardashian Fined $1.26 Million By SEC For Illegal EthereumMax Advertisement

Kim Kardashian has been charged by the US SEC for illegally promoting the EthereumMax token on social media. The star has agreed to pay a $1.26 million fine and will work with the SEC on its ongoing investigation.

According to the latest SEC press release, the reality star has been accused of “illegally touting” a “crypto security” on social media. It should be noted that since she did not disclose how much she earned for promoting EthereumMax, it got her into even more trouble.

According to reports, she was paid $250,000 for publishing a post to her Instagram account about EMAX tokens, which are powered by EthereumMax. The post includes a link to the EtheruemMax website, with instructions on how to purchase EMAX.

Kardashian did not acknowledge or deny any of the regulator’s findings and agreed to pay $1.26 million. As a result, she is said to have agreed to pay $1.26 million. This amount is further divided into approximately $260,000 in frustration as well as interest and a $1,000,000 penalty.

In addition, she also claimed the entire company to the SEC investigation. Kardashian also confirmed that she will not engage in any activity around crypto-asset securities for the next three years.

Addressing Kim Kardashian’s latest case, SEC Chair Gary Gensler noted how celebrities were mandated to disclose details about their payment while promoting investments in securities. 

Following the news, the price of EMAX recorded a 3.36% drop according to CoinMarketCap, currently trading at $0.0000000042.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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