Kim Kardashian Charged Over alleged "Pump and Dump" Crypto Scheme

Pic Credit: Kim Kardashian

Kim Kardashian allegedly received $250,000 for promoting the cryptocurrency

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without indicating she had been paid to do so, according to the US Securities and Exchange Commission.

Pic Credit: Kim Kardashian

According to Gary Gensler, chairman of the SEC, "this case is a reminder that

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just because celebrities or influencers recommend investing possibilities, including securities

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backed by crypto assets, doesn't guarantee that those investment products are suitable for all investors."

Pic Credit: Kim Kardashian

Kardashian, whose estimated net worth is $1.8 billion, consented to pay $1.26 million to resolve

Pic Credit: Kim Kardashian

the allegations regarding the promotion of EthereumMax's cryptocurrency

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asset on Instagram, the SEC stated.

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The regulator stated that she has promised to refrain from promoting cryptocurrency securities

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for three years and would assist with an ongoing investigation.

Pic Credit: Kim Kardashian

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Pic Credit: Kim Kardashian