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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It's hilarious when you think about it. Why will anybody take financial advice from someone that shot to fame for sucking dick
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Not too far off the behaviour of many shitcoiners in the space, I think she fits in perfectly with high time preference scamming
Haha I read about this, it’s hilarious. I’d prefer my financial advice from Paris Hilton when it comes to famous female influencers 😝
I used to think Paris was solid when she gave financial advice like this
I saw she started promoting bored Ape NFTs and I was like you're smart not shilling the security like Kim K, but you're still able to get around the legal loopholes a lot better and still get your pay cheque from Yuga Labs and I was like you know what more power to you, if dudes think Paris shilling monkey pics is the next Facebook who am I to stop them?
Paris is the OG. I actually think she is truly smart and intelligent.
There are worse things to invest in than monkey pics 😅
Me too, I think she plays the character well, and you know good for her, I can't knock another persons hustle, she found a way to play the game on her terms and she's winning
Lol some monkey pics are down 98%, and even the Turkish Lira isn't doing that badly at 83% down YOY
Lol if you are listening to kim k you deserve to get rekt. Blind leading the blind...
Lol how dare you, Kim did say in her post "This is not financial advice" don't you know if you add that disclaimer even when you give financial advice its an automatic blocking spell from being prosecuted, I don't know how the courts got around it
Well, if she did give a disclaimer to her fans, then that's another story. I mean, all of them wanna be Kim K rich. Lawyers must have gone to real law school, not interwebs law school! Also, I fine I will pay 1.2mil to get you off my back! bow much money does this women have!? Crazy world! !LOL
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Do your own research before investing, investing because someone say it’s good is wrong advise 99 % of the time.
But look how many followers she has, surely she must know everything there is to know about financial assets having spent 0 years trading anything
People don't learn and are gullible to buy coins just because an influencer they follow shill a crap project.
Financial Darwinism at its best, there's a scam for every level of intellect
Did you see that this news spiked the METH, excuse me... EMAX token +117%? lol
🤡🌎
Clown world
Fuck me I am done! Any news is bullish in clown world token trading land
I don't go to the Kardashians for makeup, food (dietary) or skin care advice - what they're basically known for - let alone for "cryptocurrency".
Lol absolutely, I think people are so caught up on what I call fast food content, so they just attribute the "brand" as authentic and would follow anything they say
That's a great analogy; I'll try to remember that.
Unfortunately that's the world we live in right now. If I'm being honest, before I knew how advertisements, shelf placements, etc. worked, I probably fell into that trap as well though.
I know the feeling, it took me quite a while to "deprogram" from all the nonsense and buy things that I need, not things that I am told I need and never questioning it