SEC charges Kim Kardashian for unlawfully promoting EthereumMax

Kim Kardashian has been charged with unlawfully touting a crypto security by the Securities and Exchange Commission (SEC).

The crypto was offered and sold by EthereumMax, who didn’t disclose the payment Kardashian received for the promotion. Kardashian has agreed to pay $1.26 million in penalties and will work with the SEC on its ongoing investigation.

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean those investment products are right for all investors,” SEC Char Gary Gensler said on Twitter.

This is a breaking story and will be updated.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Adam Morgan is The Block’s markets reporter. He has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He Tweets @AdamMcMarkets

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