Kim Kardashian’s $1.3 MILLION Crypto SCAM Explained

Kim Kardashian, known for groundbreaking television. I feel bad for the guy, I changed his whole life and he fell in love with me and I fell in love with him and now my feelings have changed. One of the most exclusive credit cards on the market, and a mobile game that teaches young girls to be mindless consumers. And now crypto scams. You see Kim Kardashian just settled for close to 1.3 million dollars with the SEC who were investigating her in relation to her promotion of the token which has nothing to do with the founders of Ethereum. It's just that it's built on the Ethereum blockchain and anyone can do that. How is Ethereum Max doing now, I wonder? Yep, it's lost 95% of its value. Basically, if you'd invested $100 when Kim Kardashian made this post on Instagram back in June 2021, you would have $5 left now. That's right, it's down 95% and that's not even from its all-time high. From its all-time high, it's down like 300% or something. Now you can see in Kim Kardashian's post, she references that the founders of Ethereum Max burned 400 trillion tokens, which is a method to drive up the price, similar to when a company buys back its own stock. And it seems that this token burn and Kim's post were desperate measures taken by the founders to pump up the price after it had already dropped considerably. Sadly, the price never really recovered and it was all downhill from there. Even at the time, journalists in the crypto industry were asking Kim why? Since this kind of promotion of a new and unknown token reeks of a pump-and-dump scheme in which anyone who invested stands to lose most of their money. And that is, of course, exactly what happened. Now, it isn't illegal to accept money for promotion of a token or a stock, but the SEC has strict rules for it. So what did Kim do wrong? Well, the SEC decided to treat Ethereum Max as a security and thus requires a very clear explanation by the influencer to their fans that they were paid to promote the token. Apparently, Kim tagging the post with the hashtag ad doesn't cut it. According to the Wall Street Journal, influencers need to disclose not only that they are getting paid, but also the amount and the nature of payment. This is to protect the public by drawing attention to the conflict of interest. So what exactly was Kim Kardashian paid? $250,000. That's $250,000 worth of Ethereum Max tokens, right? Since Kim believed in them so much? Uh, probably not. Kim has now agreed with the SEC to pay back the $250,000 and pay an additional $1 million fine, which when other costs are factored in, works out just below $1.3 million. She's also agreed to forego accepting money to promote any crypto token regulated by the SEC for the next three years. Maybe the SEC thinks crypto will be outlawed in three years, replaced by a central bank digital currency. Now, Kim isn't the only one to fall into this trap. DJ Khaled and actor Steven Seagal also paid fines totaling several hundred thousand dollars each for similar crypto schemes. So what do I think about all this? Well, I think the SEC is correct to go after Kim, although I suspect there are a lot of smaller influencers who have slipped through the cracks. And since she is so big and so in the spotlight, she has become a sort of scapegoat, an easy target that the SEC can use to draw attention to the problem and scare other influencers into not doing what she did. And thus, this is probably why she's been able to settle with the SEC for what some might see as quite a low amount compared to potentially the amount of money that her fans lost in this scheme. In general, I don't think any celebrity or online influencer should accept money to promote any specific crypto coin or stock. There's too much conflict of interest at work. I do, however, think it's totally fine to accept money to promote a stock or crypto brokerage, an overall platform where someone can sign up and use that platform to buy any crypto or stock of their choosing. Like Webull. In fact, I can show you right now. You have an amazing opportunity to get 12 free stocks when you sign up for Webull and deposit any amount of money. That's right. Any amount of money. You get two free stocks for opening an account and then either four, eight or 10 free stocks for depositing any amount of money. The minimum value of all of this is $34, but the maximum value is over $30,000 if you get lucky. Obviously, it is the luck of the draw what you get. I wish you good luck. And the link for that is below. Obviously, guys, that is an affiliate link. We do receive a commission if you sign up, but it does help out our show immensely and mean that we can keep delivering content like this for you guys. So we do thank you very much if you use it. However, no pressure if you don't want to. And personally, I think that is fine since I'm promoting the overall platform. I am not giving you financial advice what to invest in and you can go on and do your own research. As for Kim, I'm sure she feels bad about the whole thing now. You know, I wasted everyone's money. I wasted everyone's everything and I feel bad. Maybe she should stick to making money by brainwashing young kids into mindless consumerism with her annoying Instagram giveaways. This is where to enter. You have to follow the accounts of 75 different brands that then flood your feed with various products that you're then tempted to buy. All 75 of these brands are paying $25,000 each to be part of this giveaway. That means the Kardashians and Scott are making $1.8 million on this giveaway that's live right now. But what do you think, guys? Was Kim wrong to shill Ethereum Max? And what do you think about her business practices in general? I'd love to hear your thoughts in the comments below. And if you want to get up to 12 free stocks for signing up for Webull, the link for that is below as well. We do receive a commission if you sign up. Thank you so much for watching, guys. Please subscribe if you're new. I'll see you next time. Bye-bye.