US Celebrities

Social media celebrity and model Kim Kardashian has been sued by the US Securities and Exchange Commission (SEC). Kardashian, who did not publicly state that she was promoting a cryptocurrency on her Instagram account, allegedly “illegally explained the security of cryptocurrencies”.

Cryptocurrency ad cost Kim Kardashian dearly
The US Securities and Exchange Commission (SEC) said that Kim Kardashian’s cryptocurrency advertisement on Instagram was not clearly stated. The famous model, who received a payment of $ 250 thousand for sharing about EthereumMax’s EMAX token, will have to pay a fine of $ 1.26 million.

This deal, signed by the SEC and Kardashian, includes the Instagram ad’s budget, interest, as well as a $1 million penalty. Making a statement on the subject, SEC Chairman Gary Gensler said that celebrities with high followers should be more careful when talking about cryptocurrencies.

Speaking about the sentence, the famous model said, “Kardashian is pleased to resolve this issue as she has been collaborating with the SEC from the very beginning. His deal with the SEC allows him to do that so he can move forward in many different job searches,” she explained.

Famous names with millions of followers on social media platforms should think twice when advertising “high-risk” cryptocurrencies. For example, Kim Kardashian could not escape the penalty even though she was paid $250,000 for her EMAX token advertisement.

Cryptocurrencies continue to decline. On Monday, August 29, the global cryptocurrency market dropped below $1 trillion. The market, which reached $ 2 trillion in April, has lost almost half.