Kim Kardashian fined $1.26m over crypto ‘pump and dump’

Kim Kardashian fined $1.26m over crypto ‘pump and dump’

Kim Kardashian has been fined $1.26 million for advertising EthereumMax on her Instagram page. 

The US Securities and Exchange Commission said Kardashian had received $250,000 for advertising the cryptocurrency, without disclosing she had been paid to do so.

Along with the fine, she has also agreed not to promote crypto asset securities for three years. 

In January, Kim Kardashian along with Floyd Mayweather Jr, Paul Pierce and EthereumMax’s creators were sued by investors. 

They claimed they had collaborated to “misleadingly promote and sell” the cryptocurrency in a “pump and dump” scheme designed to inflate the price before selling to investors. 

EthereumMax disputed the allegations at the time. The company – despite the name, has no legal or business connections with the Ethereum cryptocurrency.