Kim K Fined For Shilling A Shitcoin
In today's edition of YIYL (You Invest, You Lose) we take a look at too toxic fiat cultures that collide, influencer marketing, and shitcoins. Kim Kardashian has successfully been able to source a mindless horde of fiat junkies who have no ability to think for themselves and are willing to go jump off a building at the whims of someone they don't know, and that's a great funnel to tap into if you're a scammer or selling useless garbage.
Normally she sticks to selling people garbage they don't need and promoting mindless consumption, which is fine by me, let the morons do what they want with their money.
Let financial Darwinism take its course and in the case of shitcoins I feel the same way, let the bastards get rekt. But there are central bodies like governments that want to feel like they're still in charge and show citizens they are "protected" and not to step out of line, its all a fugazi in my opinion. If you wanted to fine people and make a difference you'd go after all the shitcoin founders, not these influencers who are downstream of the money.
But I guess this case was to make an example of her and try and stop the endless shilling that goes on online.
The SEC kept up with the Kardashians
The SEC in its first case against influencers providing financial advice has fined Kim Kardashian who was paid $250,000 to promote the EMAX tokens, a crypto asset security sold by EthereumMax.
According to the SEC, Kardashian was paid by EthereumMax through an undisclosed intermediary so she has no fucking clue who these people are but were willing to shill their project. The SEC charges stem from unlawfully touting the crypto without disclosing to her followers that she was being paid to do so.
Does she hold the token? Does she know the founders? Does she have a say in the project who fucking knows or cares, this is just a fiat junkie trying to make some fiat for low-effort work of monetising her moronic audience.
Gary Gensler the head of the SEC has made it clear how he feels about shilling unregulated securities and you best believe this will be the first of many shitcoiners who are going to get fines at their door.
I do truly hope so, if I hear another celeb touting NFTS or some shitcoin I'll seriously lose it. WTF does an Athlete know about money or an actor?
https://twitter.com/GaryGensler/status/1576897535427448832
Deny but don't try it again
Kim being rich AF already has the luxury of lawyers that know what they are doing and she agreed to pay the $1.26 million "without admitting or denying" the findings of the SEC's investigation.
The $1.26 million settlement includes a $1 million penalty as well as payment for disgorgement and interest. In addition, Kardashian agreed to not promote any crypto for three years.
She also will cooperate with the SEC's ongoing investigation of EthereumMax's crypto asset securities to try and track down where this scam all came from, but I doubt she is much help.
Not quite over yet
Kim might have made peace with the SEC but there is currently a class action lawsuit against Kardashian, Floyd Mayweather, and Paul Pierce for promoting EthereumMax's crypto securities. The claim is that people who saw the posts, bought into the shitcoin, got rekt and now are looking to get the influencers to cover their losses for being complete dumb dumbs.
Lol I thought crypto is about WAGMI? Now everyone is running to big daddy government to sort it out, what a joke.
Sources:
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