Kim Kardashian asked her followers: “Are you guys into crypto???” | Photo by Gotham/GC IMages
Kim Kardashian has paid $1.26 million after being charged by the Securities and Exchange Commission (SEC) with unlawfully promoting a crypto investment scheme on Instagram.
The SEC says Kardashian failed to disclose the fact that she was paid $250,000 to promote EthereumMax tokens last June. In a series of posts to her Instagram story, Kardashian asked her followers, “Are you guys into crypto??? This is not financial advice but sharing what my friends just told me about the ethereum max token!” Her followers were then encouraged to head to the EthereumMax website and “join the E-Max community.”
Kardashian included a number of hashtags in the posts, including “#ad,” suggesting that the stories were a paid promotion. But the SEC says this…