The SEC announced a $1.26 million settlement with Kardashian on Monday over her promotion of EthereumMax. Her little sister ran into similar trouble in 2020.
The family that plays (its social media followers) together, stays together?
On Monday, the Securities and Exchange Commission (SEC) announced that it had settled for $1.26 million in a case against Kim Kardashian for not disclosing that she had been paid $250,000 to promote a crypto token sold by EthereumMax.
In a June 2021 post on her social media page, which has 331 million followers, Kardashian wrote in all caps, „Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token! A few minutes ago Ehthereum Max burned 400 trillion tokens-literally 50% of their admin wallet giving back to the entire E-max community.“
The price of the crypto reportedly soared in the wake of her post before crashing, making the currency practically worthless. She was also a part of a larger lawsuit that alleged the endorsement was used to inflate the price of the token before selling it off, what is primarily known as a pump and dump.
