Hidden earnings when promoting a digital currency cost Kim Kardashian dearly. The reality star is paying $1.26 million in fines and compensation in a settlement with the US Securities and Exchange Commission, the agency said on Monday.
Supervisors have accused Kardashian of recommending a cryptocurrency on Instagram without disclosing that she was paid $250,000 for it.
For years, the SEC has been warning investors about dubious investment tips from celebrities with a high reach on the Internet – especially in the case of highly speculative and often laxly regulated crypto assets.
In 2018, the US Securities and Exchange Commission had already fined boxing star Floyd Mayweather and hip-hop producer DJ Khaled for doing unfair paid promotions for digital currency transactions on their social media channels.
