U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Kim Kardashian. The celebrity was charged for failing to disclose that she had received a $250,000 payment for promoting the EthereumMax (EMAX) crypto on her Instagram profile. Kardashian immediately settled with the SEC for $1.26 million.
EMAX was promoted in a ramified influencer campaign. Apart from Kardashian, it involved boxer Floyd Mayweather Jr. and ex-NBA player Paul Pierce. All three of them were sued in January by EMAX investors, who accused the influencers of participating in a scheme to manipulate EMAX value.
Namely, they allegedly conspired to artificially pump the price of EMAX, leaving buyers with worthless tokens when their value dropped soon after. Kardashian is still battling this lawsuit, claiming that she didn’t actually provide any investment advice. Her wallet is almost $1 million lighter after the SEC intervention, though.
Crypto Ping Pong Digest
Trash style news. You will definitely like