#ethereummax

[stoccoin]

The U.S. Securities and Exchange Commission has charged former NBA player Paul Pierce with violating anti-fraud and anti-touting rules by promoting the EthereumMax cryptocurrency. Pierce has agreed to settle the charges and pay $1.409 million in penalties. (@paulpierce) The SEC has charged the NFT star for touting EMAX tokens, cryptocurrencies sold by EthereumMax, on social media without disclosing the payment he received for the promotion and for making false and misleading statements regarding the token, according to a press release. The commission detailed that Pierce received more than $244,000 worth of EMAX tokens to promote the project on Twitter. On one special occasion, Pierce tweeted a screenshot of an account showing large holdings and profits without disclosing that it was not his own personal holdings. #Stoccoin #PaulPierce #EthereumMax https://www.instagram.com/p/Co17Bo2vorS/?igshid=NGJjMDIxMWI=

[the-football-chick]

Famed QB Tom Brady faces backlash on several fronts from his endorsement of FTX cryptocurrency. In addition to reportedly losing $30 million, Brady has been sued for promoting FTX (now bankrupt) as “the most trusted” institution for crypto.

Other celebrities such as Snoop Dogg, Paris Hilton and Matt Damon may also face financial and legal challenges for endorsing other companies involved in crypto. Kim Kardashian has already been ordered to pay over $1 million for her endorsement of the EthereumMax crypto token.

via nytimes.com (7/11/23) *paywall

[blockchainnftgaming]

Kim Kardashian and Floyd Mayweather's cryptocurrency scam lawsuit dismissed

Kim Kardashian and Floyd Mayweather’s cryptocurrency scam lawsuit dismissed

A federal judge on Wednesday dismissed an investor-suggested class-action lawsuit against the founders of the EthereumMax cryptocurrency, as well as celebrities including Kim Kardashian and boxer Floyd Mayweather Jr., over their promotion of the cryptocurrency on social media. Investors who bought EMAX tokens claimed they suffered losses after taking celebrities’ word for the value of the…

[my-bloging-stories]

Why the Gary Gensler and Kim Kardashian Dating Rumor Is Untrue

In the world of public figures and media scrutiny, rumors often take on a life of their own, sometimes leading to widespread confusion and misinformation. A recent rumor that Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), dated Kim Kardashian has stirred some attention, but it's important to clarify that this claim is completely unfounded and lacks any basis in reality.

Gary Gensler is a respected figure in financial regulation, known for his role in overseeing and enforcing securities laws as the head of the SEC. His career has been marked by a strong commitment to financial transparency and market integrity. Gensler’s responsibilities involve the rigorous enforcement of federal regulations, investigating market abuses, and safeguarding investors from fraudulent activities. There is no substantial evidence or credible source that supports the rumor that Gary Gensler dated Kim Kardashian. This claim seems to be a fabrication, likely arising from a desire to generate sensational headlines rather than based on any factual events.

Kim Kardashian, renowned for her significant presence in the entertainment industry and her entrepreneurial ventures, has been a major public figure for years. Her influence spans across various media platforms and she has been involved in numerous business activities. Despite her high profile and media attention, there is no factual information or reliable source that confirms any romantic connection between her and Gary Gensler. The suggestion that Gensler and Kardashian were romantically linked appears to be a product of baseless gossip rather than actual occurrences.

Rumors of this nature often emerge from a mix of misinterpretation and speculative storytelling. The notion that Gary Gensler dated Kim Kardashian diverts attention from their respective professional lives and achievements. Such false narratives do little more than spread confusion and detract from meaningful discussions about their actual contributions to their fields.

In October 2022, Kim Kardashian faced legal challenges related to her endorsement of the cryptocurrency EthereumMax. The SEC charged her with failing to disclose that she had been compensated $250,000 for promoting the cryptocurrency on her Instagram account. This failure to disclose the payment was a violation of federal securities laws, specifically anti-touting provisions designed to ensure transparency in financial promotions. To settle the charges, Kardashian agreed to pay a total of $1.26 million, which included a $260,000 disgorgement (covering her payment plus interest) and a $1 million penalty. She also committed to cooperating with the SEC’s ongoing investigation into the matter.

This legal issue is distinct from any personal matters involving Gary Gensler and does not suggest any romantic connection between the SEC chairman and Kardashian. The focus of the SEC’s action was on regulatory compliance in financial promotions, not on private relationships between individuals.

Addressing the rumor that Gary Gensler dated Kim Kardashian requires a careful examination of the facts. The claim is entirely unfounded and does not reflect the true nature of their professional lives. Misinformation and sensational stories only serve to distract from the real accomplishments and responsibilities of public figures.

In conclusion, the idea that Gary Gensler dated Kim Kardashian is a false narrative without any supporting evidence. It is crucial to rely on accurate and verified information, separating sensationalist rumors from the reality of individuals' professional roles and achievements. By focusing on the true contributions of both Gensler and Kardashian, we can appreciate their real impacts and ignore the distractions of unfounded gossip.

[drewssam]

Kim Kardashian and the Others Win Case Over EMax Investors

A federal judge dismissed a class action lawsuit against the creators of EthereumMax (EMax) and celebrity endorsers, including Kim Kardashian and Floyd Mayweather Jr., accused of deceptive promotion of the cryptocurrency on social media. The investors alleged that the celebrity endorsements misled them into purchasing EMax, leading to a price increase that allowed executives to profit from token sales.

Judge Michael Fitzgerald acknowledged valid concerns about celebrities' ability to influence their followers but found the investors failed to explain how the endorsers furthered the alleged conspiracy. While some promoters were compensated in EMax tokens, Fitzgerald noted they acted for personal gain rather than conspiracy.

Fitzgerald emphasized investors' responsibility to act reasonably before investing based on social media trends. He allowed plaintiffs to refile their suit after amending claims under statutes cited in the initial complaint, including the Racketeer Influenced and Corrupt Organizations Act (RICO).

The decision highlights the complexities of holding celebrities accountable for their endorsements and underscores the importance of due diligence in investment decisions, even amidst the influence of social media marketing.

[cointahmin]

Geçen hafta yaşadığımız SEC dump’ından sonra hangi altcoin yahut altcoinler için yatırım yapacağımız konusu değerli. Zira ABD Menkul Değerler ve Borsa Komitesi, piyasa pahası 100 milyar dolar olan 67 kripto varlığı üzerinde bir baskı başlattı. Kripto para piyasasının toplam pahası son yedi gün içinde %8,3 düştü. Şu anda 1 trilyon doların biraz üzerinde seyrediyor. Uzmanlar, bir sonraki kripto boğa koşusunda sahipleri için çıkar sağlaması olası kripto para ünitelerinin bir listesini derledi. Detaylara bakalım.SEC’in listesiUzmanlar, yatırımcıların bir sonraki boğa koşusunda kar elde etmek için biriktirdikleri beş altcoin belirledi. Buna nazaran SEC, Binance’e karşı açtığı davada 10, Coinbase’e karşı açtığı davada ise 13 kripto para ünitesini menkul değer olarak listeledi. Ayrıyeten ABD mali düzenleyicisi, iki kripto para ünitesi borsasına karşı açtığı davada menkul değerler listesine daha fazla varlık ekledi. Öteki taraftan liste toplam piyasa kıymeti 100 milyar dolar olan 67 kriptoya ulaştı.Aşağıda SEC’in menkul değer olarak etiketlediği kripto para ünitelerinin bir listesi yer alıyor:XRP (XRP), Telegram’s Gram (TON), LBRY Credits (LBC), OmiseGo (OMG), DASH (DASH), Algorand (ALGO), Naga (NGC), Monolith (TKN), IHT Real Estate (IHT), Power Ledger (POWR), Kromatica (KROM), DFX Finance (DFX), Amp (AMP), Rally (RLY), Rari Governance Token (RGT), DerivaDAO (DDX), XYO Network (XYO), Liechtenstein Cryptoasset Exchange (LCX), Kin (KIN), Salt Lending (SALT), Beaxy Token (BXY), DragonChain (DRGN), Tron (TRX), BitTorrent (BTT), Terra USD (UST), Luna (LUNA), Mirror Protocol (MIR), Mango (MNGO), Ducat (DUCAT), Locke (LOCKE), EthereumMax (EMAX), Hydro (HYDRO), BitConnect (BCC), Meta 1 Coin (META1), Filecoin (FIL), BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), COTI (COTI), Paragon (PRG), AirToken (AIR), Chiliz (CHZ), Flow (FLOW) Internet Computer (ICP), Near (NEAR), Voyager Token (VGX) and Nexo (NEXO), Mirrored Apple Inc. (mAAPL), Mirrored Amazon.com, Inc. (mAMZN), Mirrored Alibaba Group Holding Limited (mBABA), Mirrored Alphabet Inc. (mGOOGL), Mirrored Microsoft Corporation (mMSFT), Mirrored Netflix, Inc. (mNFLX), Mirrored Tesla, Inc. (mTSLA), Mirrored Twitter Inc. (mTWTR), Mirrored iShares Gold Trust (mIAU), Mirrored Invesco QQQ Trust (mQQQ), Mirrored iShares Silver Trust (mSLV), Mirrored United States Oil Fund, LP (mUSO), Mirrored ProShares VIX Short-Term Futures ETF (mVIXY).Öne çıkan 5 altcoinTwitter’da @0xFinish ismiyle ünlü olan kripto uzmanı, yatırımcıların kan banyosu sırasında biriktirmeleri için beş altcoin belirledi. Uzmana nazaran, bu altcoin kümesi bir sonraki boğa koşusunda kar sağlama potansiyeline sahip. Ayrıyeten yatırımcılar devam eden kan banyosu sırasında bunları indirimli olarak toplayabilir. Listede şu altcoin kümesi var.Arbitrum (ARB)Frax Share (FXS)Curve DAO (CRV)GMX (GMX)Chainlink (LINK)Altcoin Arbitrum, Off-chain labs tarafından geliştirilen bir Layer 2 ölçeklendirme tahlili. Ayrıyeten proje büyük bir pazar hissesi hacmi yakaladı. DeFiLlama’dan alınan datalara nazaran, Arbitrum’da kilitli varlıkların toplam bedeli 2,1 milyar doların üzerinde. Protokolün ARB token’ı bu yazının yazıldığı sırada tüm vakitlerin en yüksek düzeyi olan 8,67 doların %88,41 altında. Buna nazaran 1 dolar düzeyinden süreç görüyor. Ayrıyeten Frax Share, yatırımcıların Frax ekosistemindeki stablecoinlerin ve altyapı protokollerinin yönetişiminde hisse sahibi olduğu bir hizmet tokeni. FXS fiyatı geçtiğimiz hafta %25 düştü. Yatırımcılara tokeni tüm vakitlerin en yüksek düzeyi olan 42,80 doların yaklaşık %90 altında alım fırsatı sundu. Şu an FXS fiyatı 4,88 dolar.Curve DAO’nun CRV tokeni, otomatik bir piyasa işaretleyicisinin DeFi yardımcı program tokeni. Protokol, farklı ERC-20 tokenlarının değişimine yardımcı oluyor. Başka taraftan token takaslarını destekliyor. Bu yazının yazıldığı sırada CRV fiyatı Cumartesi gününden bu yana %4,3 artışla 0,672 dolar düzeyindeydi.

Altcoin GMX, Arbitrum Layer 2 ağında daima bir borsa olan merkezi olmayan borsa GMX için bir idare tokeni. Başka taraftan GMX fiyatı bir gecede yaklaşık %2 artışla 45,15 dolar oldu. Token, tüm vakitlerin en yüksek düzeyi olan 91,07 doların %50,41 altında. cointahmin.com olarak yer vereceğimiz son kripto para LINK. Buna nazaran Chainlink’in tokeni LINK, merkezi olmayan oracle platformunu temsil ediyor. LINK, piyasadaki kripto kan banyosuna karşın Cumartesi gününden bu yana %2,4 çıkar kaydetti. Şu an 5,17 dolardan süreç görüyor.

[blogchaindeveloper]

Role of Social Media and Influencers in Spreading Crypto Scams

In October 2022, reality TV star Kim Kardashian faced a hefty fine of US$1.26 million from the US Securities and Exchange Commission (SEC) for promoting EthereumMax (EMAX) tokens on her Instagram without disclosing the hefty sum of US$250,000 she received for the endorsement. This raises concerns about the rising trend of influencers promoting cryptocurrencies without providing proper information, putting consumers at risk.

Global Regulatory Responses to Crypto Advertising

Internationally, regulatory bodies are responding to the risks associated with influencers promoting cryptocurrencies. In Spain, the CNMV passed legislation requiring influencers to submit crypto asset campaigns for review at least 10 days before publication. Singapore's Monetary Authority issued guidelines restricting crypto platforms from advertising to the general public. In the UK, the Advertising Standards Agency (ASA) investigates crypto promotions, banning ads deemed misleading or irresponsible.

The UK government announced in January 2022 its plan to regulate crypto assets under the Financial Conduct Authority (FCA). This move is crucial for consumer protection and potential legal actions, granting consumers the right to pursue damages for breaches of FCA rules.

Legal Liability of Influencers in the UK

Despite regulatory advancements, the legal implications for influencers involved in promoting crypto assets remain complex. Two key torts under English law—fraudulent misrepresentation and negligent misstatement—could hold influencers personally liable for losses resulting from their promotions.

Fraudulent Misrepresentation

To establish fraudulent misrepresentation, it must be shown that the influencer knowingly made a false representation, intended it to be relied upon, and caused a loss to the party relying on it. Influencers, driven by urgency and hype culture, might be prone to reckless statements, taking advantage of the fear of missing out (FOMO). The compensation method, whether in fiat or cryptocurrency, plays a role in assessing culpability. For instance, the "pump and dump" schemes, where influencers artificially inflate prices for profit, present a clearer case for fraudulent misrepresentation.

Negligent Misstatement

Claiming negligent misstatement requires demonstrating a duty of care, breach of that duty, and resulting loss. Establishing a duty of care is challenging, involving the foreseeability of loss and a special relationship between parties. The rise of crypto advertising may necessitate extending legal duty of care to individual influencers and their predominantly younger adult followers, mirroring recommendations made for social media companies in 2019.

Jurisdictional Challenges

While the discussion revolves around English law, jurisdictional issues arise when influencers or their followers are located internationally. This complexity adds layers to legal claims, involving matters such as service of proceedings and enforcement of judgments.

English courts have shown a willingness to address losses in crypto assets and establish legal principles for claimants. However, challenges persist, especially when "following the money" becomes difficult. Claims against influencers involved in promoting fraudulent schemes may bring unwarranted attention to social media influencers, emphasizing the need for caution and responsibility in crypto asset promotions.

Mastering the Crypto Cosmos: Navigating Influencer-Driven Markets with Insightful Crypto Trading Courses

As individuals navigate the complexities of crypto assets and the potential pitfalls associated with influencer-driven promotions, learning the ropes through structured crypto trading courses becomes important. These courses provide a structured

environment for enthusiasts to learn cryptocurrency trading from experts in the field. As the crypto market encompasses a multitude of assets, understanding the intricacies of top cryptocurrencies and developing the skills to make informed decisions is essential. A well-designed cryptocurrency trading course equips individuals with the knowledge and strategies needed to navigate this volatile market, empowering them to make prudent investment choices. 

In the wake of regulatory developments and legal implications surrounding influencer endorsements, having a solid foundation through crypto trading courses is a proactive measure for both aspiring and seasoned traders. Whether one aims to become a cryptocurrency expert or seeks guidance as a crypto advisor, these courses offer a comprehensive education that goes beyond the hype, emphasizing responsible trading practices. In an environment where misinformation and scams are prevalent, a structured crypto trading course serves as an alarm, providing the necessary tools to decipher market trends, evaluate risks, and ultimately make informed decisions.

In conclusion, the role of social media influencers in spreading crypto scams is a critical concern, prompting regulatory responses globally. While legal avenues exist to hold influencers accountable, challenges persist, and the international nature of social media complicates jurisdictional matters. As the crypto landscape evolves, the need for responsible advertising and robust regulations becomes increasingly apparent for the protection of consumers.

For those seeking to navigate the intricacies of cryptocurrency trading and stay ahead in this dynamic environment, platforms like Blockchain Council offer invaluable resources. Blockchain Council is a distinguished group of subject experts and enthusiasts who passionately advocate for blockchain research and development, use cases, products, and knowledge.

Recognizing that blockchain technology extends beyond mere transactions, serving as a financial network, software, and distributed ledger, Blockchain Council provides comprehensive cryptocurrency trading. In a world where companies are transitioning from traditional systems to blockchain, Blockchain Council emerges as a vital resource, empowering individuals with the knowledge needed to thrive in the future of finance and technology.

[cryptohubsstuff]

EMAX investors given third and final chance at celeb promo suit

The plaintiffs of the EthereumMax (EMAX) investor class action lawsuit have been given a final chance to amend their claims against the celebrities they accuse of promoting the now-defunct cryptocurrency.  In an Oct. 3 court order, United States District Court Judge Michael Fitzgerald said he’s giving the EMAX investors a third and final chance to submit an amended complaint. The class-action…

[ailtrahq]

The plaintiffs of the EthereumMax (EMAX) investor class action lawsuit have been given a final sh to amend their claims against the celebrities they accuse of promoting the now-defunct cryptocurrency. In an Oct. 3 court order, United States District Court Judge Michael Fitzgerald said he’s giving the EMAX investors a third and final chance to submit an amended complaint.The class-action suit was brought against boxer Floyd Mayweather, NBA star Paul Pierce, reality TV star Kim Kardashian, and others in 2022 for allegedly promoting EMAX which the suit called a “pump and dump” scheme.The judge dismissed the suit last year but revived it again in June refusing to throw out the plaintiff’s “unfair competition” claims against the celebrities. Four motions were dealt with in the new order. An excerpt of Judge Fitzgerald's order explaining the motions that were before the court .Source: CourtListenerThe court denied Mayweather's motion to dismiss the state consumer law claims, finding the plaintiffs sufficiently alleged materiality and Mayweather's failure to disclose that he was a paid promoter.It also denied Pierce's motion to dismiss the state consumer law claims and manipulation claim, finding it was sufficiently alleged that Pierce or his agent sold and traded tokens for his benefit. The court denied one of EMAX cofounder Giovanni Perone's motions to dismiss the same consumer claims but granted to amend dismissal of the securities claims for failing to allege Perone personally sold tokens.The court said that the plaintiffs must re-file the complaint and the defendants must answer the remaining claims with Judge Fitzgerald writing:“Plaintiffs have repeatedly failed to cure the deficiencies identified by the Court and were explicitly warned that this would be their last opportunity to amend.”According to its whitepaper, EthereumMax — which is not related to Ethereum — claimed to be a “culture token” that “bridges the gap between the emergence of community tokens and the well-known foundational coins of crypto.”In October 2022, the U.S. Securities and Exchange Commission charged Kim Kardashian for unlawfully promoting the token as a security. She agreed to pay $1.26 million in penalties for her involvement.‘AI has killed the industry’: EasyTranslate boss on adapting to change

[coinmystique]

Mike Wawszczak, a authorized analyst not too long ago took to the X platform to share that the Choose overseeing the case between the US Securities and Change Fee (SEC) and Coinbase has dismissed a category motion lawsuit towards Uniswap.The dismissal comes after an prolonged interval of authorized proceedings and debate over the character of Uniswap’s operations and its compliance with monetary laws.The Foundation of the DismissalThe authorized determination’s language bears particular significance because it delves into the core essence of Uniswap’s decentralized nature. The judgment underscores that the guts of the Uniswap protocol lies in its decentralized construction, successfully highlighting the absence of identifiable defendants on this case. Choose overseeing SEC v. Coinbase simply dismissed a category motion towards Uniswap.Discover the language:“Due to the Protocol’s decentralized nature… no identifiable defendant.”“…the fact that the current state of cryptocurrency regulation leaves them without recourse.” pic.twitter.com/CMoXzmjiWh— Mike Wawszczak (@mikewawszczak) August 30, 2023In contrast to standard authorized proceedings that concentrate on particular people or entities as within the Ripple vs SEC case, Uniswap operates as a collective entity, dispersed throughout a worldwide community comprising customers and contributors.Furthermore, this dismissal serves to light up the unsure regulatory panorama enveloping the cryptocurrency sphere. By acknowledging the challenges confronted by the plaintiffs as a result of lack of well-defined cryptocurrency laws, the court docket’s ruling sheds gentle on the broader dilemma confronting each regulators and individuals inside the trade.Background of the Uniswap Class MotionThe guts of the Uniswap Class Motion lawsuit lies within the accusation that the protocol carried out securities gross sales disguised as digital tokens. The plaintiffs allege that Uniswap’s actions breached securities legislation, bringing into query the regulatory standing of tokens distributed by the platform. One of many plaintiffs, Nessa Riley, hailing from North Carolina, claims to have suffered a lack of $10,400 in investments throughout EthereumMax, Matrix Samurai, and Rocket Bunny crypto property. Riley’s case illustrates the potential dangers confronted by traders within the cryptocurrency market, particularly when coping with comparatively new and lesser-known tokens. Her claims counsel that Uniswap did not adequately vet and examine customers and tasks on its platform, in the end exposing traders to fraudulent actions.The accusations lengthen additional, with Uniswap being accused of facilitating “rug pulls” and pump-and-dump schemes. Nonetheless, the dismissal of the Uniswap class motion lawsuit may probably set a precedent for future authorized instances involving DeFi platforms. It would encourage different DeFi tasks to claim their decentralized nature as a protection towards related allegations, thereby difficult regulators to adapt their methods for overseeing this revolutionary area.Benjamin Godfrey is a blockchain fanatic and journalists who relish writing about the actual life functions of blockchain know-how and improvements to drive common acceptance and worldwide integration of the rising know-how. His needs to teach folks about cryptocurrencies evokes his contributions to famend blockchain primarily based media and websites. Benjamin Godfrey is a lover of sports activities and agriculture. Comply with him on Twitter, Linkedin The introduced content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn't maintain any accountability in your private monetary loss.

[all-about-news24x7]

EMAX Lawsuit Revived Against Kardashian, Mayweather

The drama behind EMAX token promotions is not over. Reality TV star Kim Kardashian and boxing sensation Floyd Mayweather face a class-action lawsuit once again. The charges relate to their alleged inappropriate endorsement of the now-defunct EthereumMax (EMAX) crypto token. Filed in January 2022, the case against the celebrity pair accused them of participating in a “pump and dump” scheme, only…

[etiennekissborlase]

TikTok Videos On Crypto Investments Highly Misleading Study Finds

TikTok Videos On Crypto Investments Highly Misleading, Study Finds https://bitcoinist.com/tiktok-videos-on-crypto-investments-highly-misleading-study-finds/ Research has revealed that 30% of TikTok videos on crypto investments share wrong messages. The videos sport crypto-related hashtags such as investing, trading, and advice. Also, the researchers discovered that TikTok influencers promoting Bitcoin and digital asset investments had recorded billions of views on their videos cumulatively.  Crypto Influencers On TikTok Post Misleading Information  TikTok is a popular video-based platform where many people search for information besides Google. But dappGambl researchers have discovered that many digital influencers post misleading information about digital investments on TikTok.  dappGambl analyzed more than 1,161 TikTok videos and discovered that one out of every 10 warned the viewers of crypto investment risks. The rest failed to add disclaimers about the risks. Also, the researchers found that 47% of content creators only focus on making money through the services they push to their viewers. Further, dappGambl researchers also discovered that one out of every three misleading TikTok videos focused on Bitcoin. All the videos with crypto-related hashtags have recorded over 6 billion views on the platform.  These influencers aim to convince uninformed and unsuspecting viewers to spend money on crypto assets even though they’ll lose their funds.  Notably, most viewers of Tiktok videos are the younger generation, not well-equipped to decipher malicious intentions. As such, these influencers easily deceive them and sometimes their parents with dubious returns on crypto investment.  Crypto Influencers Pose Financial Risks To Investors One of the dangers of sharing unvetted or misleading information with billions of viewers is they’ll believe what the influencers say, given their trust in them. This was one reason regulators mandated influencers to disclose the payments they receive for promoting products or services.   However, some mainstream influencers failed to adhere to it pushing unsuspecting investors into massive losses. For instance, influencers such as Soulja Boy, Kim Kardashian, and Jake Paul faced the US Securities and Exchange Commission for promoting crypto projects. Kim Kardashian was sued for promoting EthereumMax (EMAX) and paid $1.26 million in penalties. Soulja Boy and others were sued for promoting SafeMoon, a BNB Chain-native token that became a Ponzi scheme.   Another recent case was a $1 billion lawsuit against Binance, its CEO Changpeng Zhao, and three cryptocurrency influencers for allegedly promoting unregistered securities. The case filing revealed that millions of investors could be eligible for damages from their actions. While TikTok influencers may not have a broader reach with their content, they still pose financial risks to investors on the platform.  Unfortunately, most users of TikTok and other video-sharing platforms usually rely on the number of views and likes on a video to rate it as authentic. As such, top influencers easily convince them to invest in any product.  But given their findings, the researchers now advise new and veteran investors to vet every investment opportunity thoroughly before committing funds. Featured image from Pixabay and chart from Tradingview via Bitcoinist.com https://bitcoinist.com April 23, 2023 at 05:56AM

[hardynwa]

Akon, Ne-Yo, Soulja Boy… 8 celebrities accused of illegal crypto promotion

Eight celebrities have been accused by the Securities and Exchange Commission (SEC) of illegal crypto promotion. The commission on Wednesday charged Ne-Yo, Soulja Boy, Akon, Lindsay Lohan, Jake Paul, Lil Yachty, Austin Mahone, and Kendra Lust for touting Tronix (TRX) and BitTorrent (BTT) cryptocurrencies. SEC said the accused persons did not reveal that they were compensated for doing so, let alone disclose how much they were paid. The commission also charged Justin Sun, the founder of Tronix (TRX) coin, and three of his companies: Tron Foundation Limited, BitTorrent Foundation Ltd, and Rainberry Inc, for the unregistered offer and sale of crypto asset securities. Sun was also charged for fraudulently manipulating the secondary market for TRX through “wash trading to create an artificial appearance of legitimate investor interest and keep the price afloat”. In a statement, Gary Gensler, SEC chair, said the case demonstrates the high-risk investors face when crypto asset securities are offered and sold without proper disclosure. Ne-Yo, Akon, Lohan, Jake Paul, Lil Yachty, and Kendra Lust agreed to pay a total of $400,000 to settle the charges without admitting or denying the SEC’s findings. Representatives for Soulja Boy and Mahone are yet to respond to requests for comment. The charges were not the first actions by the SEC against celebrities it alleged had illegally promoted cryptocurrencies. In October 2022, Kim Kardashian, the reality TV star, was charged for using her Instagram account to tout EthereumMax (EMAX) without divulging that she was being paid to promote it. Kim also agreed to pay $1.26 million to settle SEC’s charges. Read the full article

[biglisbonnews]

Lindsay Lohan Charged For Crypto Scheme Never been a better time to be a person with literally zero investment in crypto!The SEC announced Wednesday that "crypto asset entrepreneur Justin Sun" was charged with the unregistered offer and sale of crypto asset securities. Caught in the crossfire of the charges are an unsurprising lot of celebrities, including Lindsay Lohan, Jake Paul, Soulja Boy, Austin Mahone, Lil Yachty, Ne-Yo and Akon.Of the charges, the SEC wrote that the celebs in question illegally touted "TRX and/or BTT without disclosing that they were compensated for doing so and the amount of their compensation."The government also claimed Sun "fraudulently" manipulated the market to make it appear as though his assets were being "actively traded," despite no "change in beneficial ownership." To do so, he would buy and then sell his assets in what's called a "wash trading scheme." In simpler terms, It's illegal.Interestingly, the SEC detailed how his scheme with the above celebrities played out:“As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities. At the same time, Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation. This is the very conduct that the federal securities laws were designed to protect against regardless of the labels Sun and others used.”The allegation that Lohan and others were directed to not disclose their compensation for the crypto is a damning one. Besides Mahone and Soulja Boy, the others agreed to pay more than $400,000 in disgorgement, interest and penalties to settle with the SEC. In return for the settlement, they don't have to admit or deny any of the charges listed.This isn't the first run-in celebs have had with enforcement officials for crypto obfuscation. In October, the SEC charged Kim Kardashian in a similar scheme that involved EthereumMax, which resulted in a $1.26 million penalty. At the time, the Director of the Division of Enforcement at the SEC said, "Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information." Likewise, they urged potential victims to not "make investment decisions based solely on the recommendations of a celebrity or influencer."Photo via Jamie McCarthy/Getty https://www.papermag.com/lindsay-lohan-crypto-2659645741.html

[wafact]

Celebrities Urge Court To Dismiss Lawsuit Over EthereumMax Promotions

Altcoin News Magistrates dismissed a similar indictment against the accused in December of last year. Investors said the celebrities artificially inflated the asset’s value via social media attention. A group of celebrities including Kim Kardashian, Floyd Mayweather, and others have asked a federal court in California to dismiss their revived case over EMAX. Magistrates dismissed a similar…

[mubashirnews]

Kim Kardashian and Floyd Mayweather Jr. bash EMAX suit

Reality star Kim Kardashian, boxing promoter Floyd Mayweather, and other celebrities are attempting to persuade a judge to toss out a revision of the lawsuit that seeks to hold them responsible for allegedly promoting a fake token, EthereumMax (EMAX), without disclosing it was a paid endorsement. Kardashian and Mayweather looking for dismissal On Feb. 21, Floyd Mayweather and Kim Kardashian filed…