Happening: Kim Kardashian pays SEC $1.26 million to settle EthereumMax charge
The United States SEC charged the American celebrity and influencer for promoting a cryptocurrency asset security without disclosing payments received to her followers.
American socialite Kim Kardashian will pay $1.26 million in penalties for her involvement in the promotion of a cryptocurrency scheme called EthereumMax (EMAX).
The United States Securities and Exchange Commission (SEC) announced the charges against Kardashian on Oct. 3 for "touting on social media a crypto asset security offered and sold by EthereumMax" without disclosing the payment received for her promotional involvement.
Kardashian has agreed to settle the charges and pay $1.26 million in penalties, disgorgement and interest and is set to cooperate with further investigations by the SEC into the EthereumMax project.
The announcement noted that Kardashian failed to disclose a $250,000 payment she had received to publish a post on her Instagram profile promoting EMAX tokens with a link to the project’s website.
The order by the SEC finds that Kardashian violated the anti-touting provision of federal securities laws. This has been the case with other prominent cryptocurrency securities violations involving the SEC in the past.
Kardashian neither admitted or denied the SEC’s findings but agreed to settle the charges. This was broken down into $260,000 in disgorgement as well as a $1 million penalty. Kardashian has also agreed to not promote any cryptocurrency assets until 2025.
This is a one-time notice about a free service on steem.
There are communities that help support the little guy 😊, you might like ours, we join forces with lots of other small accounts to help each other grow!
Finally a good curation trail that helps its users achieve rapid growth, its fun on a bun! check it out. https://anentrypoint.github.io/school-of-minnows-landing/
A note on other bots warnings:
It's come to our attention that some of the people on this network (keys-defender run guityparties, and bots run by pfunk) have been attacking our advertorial notices by calling it a scam/fraud.
We have contacted the owners of those systems, we've shared our complete source code and processes, and explained that we've been running for longer that they have, and have been trusted by large subsets of users troughout, expressed all of our processes, which are simple, free, opensource and legitimate, and beneficial the blockchain and its users.
After doing lots of research and speaking to many other developers on this network, it's become clear that they use these false policing services to demote other projects in order to promote their own paid upvote scams and vote-abuse systems where they demote anything thats not designed to upvote their friends.
We respect their right to communicate what they want to, even if its false,however our project is highly respected, as well as open source, its already been audited by many users and its easy to confirm that there is no risk in using it.
Both our enrollment system and upvote bot is open source and whitelisted by MalwareBytes, accepted by Github, and we've serviced thousands of users since 2017, our bot is free and will only ever vote on your behalf if your idle reaches 100%.
We respect our users freedom, enrollement as well as unenrollment from our system is done directly on the blockchain and you do not need our services to join/leave.
Bot source: https://github.com/AnEntrypoint/school-of-minnows
Landing page source: https://github.com/AnEntrypoint/school-of-minnows-landing
School of minnows is FREE OPEN SOURCE software, we run the bot on our own resources and maintain it for free, if you have any questions about the platform, the quickest way to make contact is directly contacting the lead developer on discord: moonshine#6211 if you want to add a friend directly, or on the entrypoint discord: https://discord.gg/NED33mNpms
We are always active and happy to answer any questions you may have.