TECH: Kim Kardashian Indicted in Cryptocurrency Pumping and Dumping Case

Kim Kar­dashi­an has agreed to pay a $1.26 mil­lion fine for pro­mot­ing Ethereum­Max on his own Insta­gram page.

The U.S. Secu­ri­ties and Exchange Com­mis­sion, with­out dis­clos­ing that the real­i­ty TV star was paid $250,000 for pro­mot­ing cryp­tocur­ren­cies, said he received the payout.

He also agreed that he would not pro­mote cryp­tocur­ren­cy secu­ri­ties for three years.

“Ms Kar­dashi­an is delight­ed to have resolved this mat­ter with the SEC,” her lawyer told BBC News.

“From the begin­ning, Kar­dashi­an has coop­er­at­ed ful­ly with the SEC and remains will­ing to do what­ev­er it takes to assist the SEC in this mat­ter,” the attor­ney said.

“I’d like to put this issue in the past to avoid a pro­tract­ed dis­pute,” she appar­ent­ly thought.

“The set­tle­ment with the SEC has allowed her to do just that and move a lot of her busi­ness forward.

Kar­dashi­an, box­er Floyd May­weath­er Jr., bas­ket­ball play­er Paul Pierce and the cre­ators of Ethereum Max were sued by investors in January.

The law­suit alleges that they coop­er­at­ed to “decep­tive­ly adver­tise and sell” cryp­tocur­ren­cies in a “pump-and-dump” man­ner aimed at inflat­ing prices before sell­ing them to investors. .

Ethereum Max denied the alle­ga­tions at the time.

Ethereum­Max, con­trary to its name, has no legal or com­mer­cial affil­i­a­tion with the Ethereum cryptocurrency.