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US Govt Fines Kim Kardashian Over N544m for Promoting Crypto on Social Media, Nigerian Presidency Reacts
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US Govt Fines Kim Kardashian Over N544m for Promoting Crypto on Social Media, Nigerian Presidency Reacts

by  Dave Ibemere 2 min read
  • Kim Kardashian has agreed to pay over N544m to pay US govt for failing to disclose a payment she received for promoting cryptocurrency
  • She has also committed to refrain from promoting crypto assets for three years and to help with an ongoing inquiry
  • The Nigerian presidency has reacted to the news of Kardashian court case and subsequent fine

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American reality TV star, Kim Kardashian, was fined $1.26 million for sharing a cryptocurrency advert on her Instagram page.

Her offence is that she refused to disclose the amount she was paid for the promotion.

The United States Security and Exchange Commission charged the SKIMS founder to court after she promoted a crypto asset, EthereumMax, on her social media platform, BBC reports.

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Kim Kardashian fine by US govt over crypto advert
Kim Kardashian pay US government for crypto advert Credit: celebritywas
Source: Getty Images

According to the SEC, Kardashian failed to disclose that she was paid $250,000 to publish a post about EMAX tokens, a crypto asset security offered by EthereumMax.

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While the case is still ongoing, Kardashian has agreed to settle out of court.

According to The Punch, she decided to pay the fee to avoid a long legal battle and allow her to go forward with her numerous business endeavors.

Nigeria presidency reacts

The news of Kardashian caught the attention of the Nigerian presidency which has been quite resolute against cryptocurrency trading in Nigeria.

Reacting to the post, Special Assistant to President Muhammdu Buhari on Digital & New Media said:

"Imagine if Nigeria were to do this… just imagine… no need to say anything. Just imagine…"

Seven major Crypto scams of 2021 and how cybercriminals stole N4.11trn worth of coins from traders wallets

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Kim Kardashian pays $1.26 mn for unlawful crypto promo

Legit.ng reported that cybercriminals are now taking advantage of the ongoing craze around cryptocurrencies to trick potential victims and steal their digital money.

A new report titled “Crypto Hacks & Scams Report 2021” released by Crystal Blockchain shows that crypto investors in this year lost over $10 billion(N4.11 trillion) globally.

While another report from Chainalysis shows that the amount of money lost is over $7.7 billion worth of crypto currency worldwide.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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