Kim Kardashian has agreed to settle her case with the SEC for allegedly promoting the EthereumMax cryptocurrency without disclosing that she was paid to do so. Kardashian will pay a $1.26 million (~RM5.86 million) penalty for failing to tell her Instagram followers she received a $250,00 (~RM1.1 million) payment to promote EthereumMax.
Actions began to be taken against social media influencers by the SEC because they did not disclose they were paid to promote cryptocurrencies which are risky investments.
There have been several high-profile cases of crypto-tokens being promoted by influencers and as their value rises, they continue to be sold for short-term gains with other investors bearing the brunt as their value then plummets.
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CYBER LIFE