Do you keep up with the Kardashians?
Well, we don’t, either. But there has been an interesting development in the crypto world that’s related to the famous family. Earlier this month, the SEC charged Kim Kardashian for endorsing a crypto token (EthereumMax) on social media without disclosing how much she was paid for the promotion ($250,000). She agreed to pay $1.26 million in penalties and not advertise anything crypto-related for the next three years.
Kardashian is not the first celebrity to come under fire for endorsing crypto. But there have been other celebrities with ties to crypto — Matt Damon, for example — who have not been penalized for promoting it.
In this episode of Crypto Insider, Vin Narayanan and Allison Brickell discuss the perils of celebrity crypto endorsements. Topics include why Kardashian faced charges but other celebs haven’t, how social media advertising plays a role and more.
Thanks for watching!