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Kim Kardashian pays $1.26m over crypto ‘pump and dump’

Kim Kardashian has agreed to pay a $1.26 million (£1.1 million) penalty for promoting EthereumMax on her Instagram account.Infomation Guide Nigeria

According to the US Securities and Exchange Commission, the reality television actress received $250,000 for promoting the cryptocurrency without disclosing she was compensated.

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Additionally, she pledged to refrain from promoting crypto asset securities for three years. Her lawyer told BBC News: “Ms Kardashian is pleased to have resolved this matter with the SEC.”

The lawyer said: “Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter.

“The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.”

Gary Gensler, who chairs the SEC, called the case a “reminder” celebrity endorsement did not necessarily make a product worth investing in.

“Ms Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities,” he said.

Later, in a YouTube video about crypto investment, he added: “Celebrity endorsements… don’t mean that an investment product is right for you or even, frankly, that it’s legitimate.

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“Even if a celebrity endorsement is genuine, each investment has its own risk and opportunities. When it comes to crypto, remember many of these are highly speculative assets.

“You may be wondering if it’s right for you or even if it might be a scam.”Jamb Result

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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