Did Kim Kardashian blow-up Crypto?
Kim Kardashian took on an influencer gig from a cryptocurrency token for $250k.
In an Instagram story, she invited her 328 million followers to invest in EthereumMax. Then she closed her message with “#ad”. Good enough, right?
Well, the SEC (Securities and Exchange Commission) said, oh hell no. You must disclose the amount received for the publicity of a security. They settled the lawsuit and Ms. Kardashian agreed to pay $1.26M in penalties to the SEC.
Tough story, right? Ha. It’s not over. An analyst reported last week that if you bought into her endorsement, you would have lost 95% of your investment into the sad company.
#KPTalks: The lesson-learned is to do your own research. Under no circumstances should you ever listen to an influencer, be it a Hollywood actor, a sports star, or a reality TV something-or-other.