Kim Kardashian coughs up million-dollar fine for crypto scheme!

Los Angeles, California - Kim Kardashian has found herself in a financial pinch after bring ordered to pay over $1 million to the US Securities and Exchange Commission (SEC)!

Kim Kardashian has found herself in a financial pinch after bring ordered to pay over $1 million to the U.S. Securities and Exchange Commission (SEC).
Kim Kardashian has found herself in a financial pinch after bring ordered to pay over $1 million to the U.S. Securities and Exchange Commission (SEC).  © DAVID LIVINGSTON / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP

On Monday, per the SEC's official press release, the 41-year-old SKIMs owner has "agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission's ongoing investigation" without admitting or denying the SEC's findings.

The mess began back in 2021 when Kimmy Cakes posted an ad to her Instagram story promoting EthereumMax's EMAX tokens, a crypto asset security product, along with a link to the company's website for would-be purchasers.

"Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token!" the Kardashians star posted at the time.

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"A few minutes ago Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet giving back to the entire E-Max community," she continued.

But it turns out Kim allegedly violated major protocols by failing to mention the small matter of a quarter of a million dollars in fees received to make the IG post!

SEC Chair Gary Gensler said in a statement that the reality star's case "is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn't mean that those investment products are right for all investors."

The beauty mogul's lawyer revealed to People that she is "pleased" to have the dilemma resolved and "fully cooperated with the SEC from the very beginning."

The mom-of-four has also agreed to not promote any crypto asset securities for three years.

Cover photo: DAVID LIVINGSTON / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP

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