If these names sound familiar even to amateur crypto enthusiasts, it’s because several celebrities have promoted them on social media. According to the SEC, eight celebrities, including Lindsay Lohan, Jake Paul, Soulja Boy, Ne-Yo, and Akon, have illegally promoted the tokens online without revealing that they were paid for it.
Gurbir, SEC’s Enforcement Division Director S. Grewal said in a statement, “…Sun paid celebrities with millions of social media followers to launch unregistered offers and specifically ordered them not to disclose their fees.
Shock crypto money accusation against world famous names!
“This is behavior designed to violate federal securities laws, whatever labels Sun and others use.”
Soulja Boy and musician Austin mahone All the celebrities accused except the accusations to close agreed to pay a collective fine of $400,000 for This isn’t the first time the SEC has been chasing celebrities who advertise crypto on social media: Kim Kardashian and NBA Hall of Fame accused member Paul Pierce of posting about EthereumMax’s EMAX tokens without revealing that they were paid for the promotion. Kardashian paid $1.26 million to settle the charges against her, while Pierce paid $1.4 million.