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The Securities and Exchange Commission said this week that it has settled charges against Kim Kardashian for promoting a crypto investment on her Instagram page. In June 2021, Ms. Kardashian touted EthereumMax’s token, EMAX, to her 331 million followers, without disclosing she was paid $250,000 for the post.
It was a bad investment for her followers. EMAX has since lost 99% of its value. To settle the charges, Ms. Kardashian must disgorge the fee with interest, pay a million-dollar penalty, and promise not to promote any crypto products for three years.
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