Kim Kardashian promoted an unknown crypto token to her followers in June.
NurPhoto/Getty Images
Celebrities such as Kim Kardashian are putting investors at risk by advertising crypto tokens, a UK regulator said.
The chair of the Financial Conduct Authority said online influencers regularly promote crypto scams.
Kardashian advertised a crypto token called ethereum max on her Instagram account in June.
See more stories on Insider’s business page.

The UK’s financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.
Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers in June.
In a speech on the difficulties of regulating crypto, the chair of the UK’s Financial Conduct Authority said Kardashian’s post was probably the financial promotion with the single biggest audience reach in history.
Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. Paris Hilton and DJ Khaled are among the numerous other celebrities to have promoted crypto projects.
Read more: Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks – and shares his outlook on the regulation of digital assets
“In line with Instagram’s rules, [Kardashian] disclosed that this was an ad,” Charles Randall told the Cambridge International Symposium on Economic Crime on Monday.
“But she didn’t have to disclose that ethereum max – not to be confused with ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges.”
Randall added: “Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”
The FCA chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.
Randall also raised the concern that regulating cryptocurrencies could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take “a great deal of careful thought to craft a regulatory regime” for crypto.

[Read More] […]

Read More…

Kim Kardashian promoted an unknown crypto token to her followers in June.
NurPhoto/Getty Images
Celebrities such as Kim Kardashian are putting investors at risk by advertising crypto tokens, a UK regulator said.
The chair of the Financial Conduct Authority said online influencers regularly promote crypto scams.
Kardashian advertised a crypto token called ethereum max on her Instagram account in June.
See more stories on Insider’s business page.

The UK’s financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.
Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers in June.
In a speech on the difficulties of regulating crypto, the chair of the UK’s Financial Conduct Authority said Kardashian’s post was probably the financial promotion with the single biggest audience reach in history.
Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. Paris Hilton and DJ Khaled are among the numerous other celebrities to have promoted crypto projects.
Read more: Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks – and shares his outlook on the regulation of digital assets
“In line with Instagram’s rules, [Kardashian] disclosed that this was an ad,” Charles Randall told the Cambridge International Symposium on Economic Crime on Monday.
“But she didn’t have to disclose that ethereum max – not to be confused with ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges.”
Randall added: “Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”
The FCA chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.
Randall also raised the concern that regulating cryptocurrencies could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take “a great deal of careful thought to craft a regulatory regime” for crypto.

[Read More] […]

Read More…

Kim Kardashian promoted an unknown crypto token to her followers in June.
NurPhoto/Getty Images
Celebrities such as Kim Kardashian are putting investors at risk by advertising crypto tokens, a UK regulator said.
The chair of the Financial Conduct Authority said online influencers regularly promote crypto scams.
Kardashian advertised a crypto token called ethereum max on her Instagram account in June.
See more stories on Insider’s business page.

The UK’s financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.
Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers in June.
In a speech on the difficulties of regulating crypto, the chair of the UK’s Financial Conduct Authority said Kardashian’s post was probably the financial promotion with the single biggest audience reach in history.
Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. Paris Hilton and DJ Khaled are among the numerous other celebrities to have promoted crypto projects.
Read more: Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks – and shares his outlook on the regulation of digital assets
“In line with Instagram’s rules, [Kardashian] disclosed that this was an ad,” Charles Randall told the Cambridge International Symposium on Economic Crime on Monday.
“But she didn’t have to disclose that ethereum max – not to be confused with ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges.”
Randall added: “Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”
The FCA chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.
Randall also raised the concern that regulating cryptocurrencies could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take “a great deal of careful thought to craft a regulatory regime” for crypto.

[Read More] […]

Read More…

Kim Kardashian promoted an unknown crypto token to her followers in June.
NurPhoto/Getty Images
Celebrities such as Kim Kardashian are putting investors at risk by advertising crypto tokens, a UK regulator said.
The chair of the Financial Conduct Authority said online influencers regularly promote crypto scams.
Kardashian advertised a crypto token called ethereum max on her Instagram account in June.
See more stories on Insider’s business page.

The UK’s financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.
Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers in June.
In a speech on the difficulties of regulating crypto, the chair of the UK’s Financial Conduct Authority said Kardashian’s post was probably the financial promotion with the single biggest audience reach in history.
Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. Paris Hilton and DJ Khaled are among the numerous other celebrities to have promoted crypto projects.
Read more: Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks – and shares his outlook on the regulation of digital assets
“In line with Instagram’s rules, [Kardashian] disclosed that this was an ad,” Charles Randall told the Cambridge International Symposium on Economic Crime on Monday.
“But she didn’t have to disclose that ethereum max – not to be confused with ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges.”
Randall added: “Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”
The FCA chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.
Randall also raised the concern that regulating cryptocurrencies could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take “a great deal of careful thought to craft a regulatory regime” for crypto.

[Read More] […]

Read More…

Kim Kardashian promoted an unknown crypto token to her followers in June.
NurPhoto/Getty Images
Celebrities such as Kim Kardashian are putting investors at risk by advertising crypto tokens, a UK regulator said.
The chair of the Financial Conduct Authority said online influencers regularly promote crypto scams.
Kardashian advertised a crypto token called ethereum max on her Instagram account in June.
See more stories on Insider’s business page.

The UK’s financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.
Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers in June.
In a speech on the difficulties of regulating crypto, the chair of the UK’s Financial Conduct Authority said Kardashian’s post was probably the financial promotion with the single biggest audience reach in history.
Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. Paris Hilton and DJ Khaled are among the numerous other celebrities to have promoted crypto projects.
Read more: Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks – and shares his outlook on the regulation of digital assets
“In line with Instagram’s rules, [Kardashian] disclosed that this was an ad,” Charles Randall told the Cambridge International Symposium on Economic Crime on Monday.
“But she didn’t have to disclose that ethereum max – not to be confused with ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges.”
Randall added: “Of course, I can’t say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all.”
The FCA chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.
Randall also raised the concern that regulating cryptocurrencies could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take “a great deal of careful thought to craft a regulatory regime” for crypto.

[Read More] […]

Read More…

Sep 12, 2021 at 09:50 // News

The UK Financial Conduct Authority (FCA) accuses Kim Kardashian of promoting a risky cryptoasset token that could be a scam. Is this a result of a lack of awareness or a drive for money?
Kardashian used her Instagram handle to promote a cryptoasset called Ethereum Max Token, and the financial ad reached an audience of over 250 million followers of hers. Kim was paid to encourage her followers to hype and speculate about cryptocurrency coins by becoming a member of Ethereum Max Community.
The FCA warned that the coin in question could put venture capitalists and users at risk as it could be a cryptoasset scam.
To prevent the large Kardashian audience from becoming victims, the FCA tried to explain to the public how the internet and other social media platforms can be used to inform the public about scams and frauds, which can help venture capitalists avoid unsafe judgments.

The head of the FCA Charles Randell revealed that influencers should always work hand in hand with online platforms that are willing to protect both customers and their own businesses. They should also denounce all those individuals or institutions that do nothing instead of undermining the trust of their customers.
Even though it is not clear whether Ethereum Max is a scam or not, scammers usually pay celebrities to promote their pump and get rid of their new coins based on hype or sometimes play the market with coins that do not exist or never existed. Due to FOMO, people end up investing in these fake coins and become victims and lose their savings.
Lack of awareness or pursuit of income?
While it is understandable that scammers try to involve celebrities to appear more credible, it remains questionable why celebrities are willing to participate in the scams. In fact, Kim Kardashian is not the first celebrity to be involved in such a scheme.
In 2020, Steven Seagal was caught promoting the Bitcoin2Gen project, which was also suspected of being a scam, according to CoinIdol, a world blockchain news outlet. At the time, regulators also became alarmed. The US Securities and Exchange Commission (SEC) fined Seagal $314,000 after realizing that his actions were illegal.
In Seagal’s case, his involvement may be understandable. He lost much of his popularity after being a movie star in the 90s. So this behavior may have been triggered by both a desire for fame and some income. Some celebrities who lose popularity participate in commercials to make some profit and feel important.

But what drove Kim Kardashian to advertising when she lacks neither fame nor fortune? Another reason why celebrities may participate in suspicious projects is a lack of awareness. Although cryptocurrencies have indeed become a buzzword and a mainstream trend, some non-technical people find it difficult to distinguish a legitimate project from a scam.
Give the scammers credit, they sometimes do a really impressive job of masquerading as a legitimate project. However, there are several ways to tell if a project is fraudulent that will help users keep a watchful eye on projects they want to promote or invest in.
The love for cryptocurrency among celebrities is unabated
Meanwhile, interest in cryptocurrencies is growing unstoppably, even among celebrities. Celebrities who love cryptocurrencies include Ashton Kutcher, Mel B, Jamie Foxx (who promotes COBINHOOD), Nas, Lionel Messi (is the global brand ambassador for Sirin Labs), Mike Tyson, Gwyneth Paltrow, Rapper Ghostface Killah, Jay Z and Will Smith, Richard Sherman and many others.
Some of the celebrities who own Bitcoin are Elon Musk, Jack Dorsey, Mike Tyson, Maisie Williams, Mark Cuban, Snoop Dogg, Sean Ono Lennon, Kanye West, Floyd Mayweather Jr, Richard Branson and many others. Cuban used to be skeptical about Bitcoin, but later changed his mind in light of the progress the cryptocurrency industry was making.
Such a trend is really positive for the cryptocurrency industry. People tend to look up to celebrities and trust who they trust as well. So if celebrities turn to cryptocurrencies on a massive scale, other people are likely to follow their example.

[Read More] […]

Read More…

Sep 12, 2021 at 09:50 // News

The UK Financial Conduct Authority (FCA) accuses Kim Kardashian of promoting a risky cryptoasset token that could be a scam. Is this a result of a lack of awareness or a drive for money?
Kardashian used her Instagram handle to promote a cryptoasset called Ethereum Max Token, and the financial ad reached an audience of over 250 million followers of hers. Kim was paid to encourage her followers to hype and speculate about cryptocurrency coins by becoming a member of Ethereum Max Community.
The FCA warned that the coin in question could put venture capitalists and users at risk as it could be a cryptoasset scam.
To prevent the large Kardashian audience from becoming victims, the FCA tried to explain to the public how the internet and other social media platforms can be used to inform the public about scams and frauds, which can help venture capitalists avoid unsafe judgments.

The head of the FCA Charles Randell revealed that influencers should always work hand in hand with online platforms that are willing to protect both customers and their own businesses. They should also denounce all those individuals or institutions that do nothing instead of undermining the trust of their customers.
Even though it is not clear whether Ethereum Max is a scam or not, scammers usually pay celebrities to promote their pump and get rid of their new coins based on hype or sometimes play the market with coins that do not exist or never existed. Due to FOMO, people end up investing in these fake coins and become victims and lose their savings.
Lack of awareness or pursuit of income?
While it is understandable that scammers try to involve celebrities to appear more credible, it remains questionable why celebrities are willing to participate in the scams. In fact, Kim Kardashian is not the first celebrity to be involved in such a scheme.
In 2020, Steven Seagal was caught promoting the Bitcoin2Gen project, which was also suspected of being a scam, according to CoinIdol, a world blockchain news outlet. At the time, regulators also became alarmed. The US Securities and Exchange Commission (SEC) fined Seagal $314,000 after realizing that his actions were illegal.
In Seagal’s case, his involvement may be understandable. He lost much of his popularity after being a movie star in the 90s. So this behavior may have been triggered by both a desire for fame and some income. Some celebrities who lose popularity participate in commercials to make some profit and feel important.

But what drove Kim Kardashian to advertising when she lacks neither fame nor fortune? Another reason why celebrities may participate in suspicious projects is a lack of awareness. Although cryptocurrencies have indeed become a buzzword and a mainstream trend, some non-technical people find it difficult to distinguish a legitimate project from a scam.
Give the scammers credit, they sometimes do a really impressive job of masquerading as a legitimate project. However, there are several ways to tell if a project is fraudulent that will help users keep a watchful eye on projects they want to promote or invest in.
The love for cryptocurrency among celebrities is unabated
Meanwhile, interest in cryptocurrencies is growing unstoppably, even among celebrities. Celebrities who love cryptocurrencies include Ashton Kutcher, Mel B, Jamie Foxx (who promotes COBINHOOD), Nas, Lionel Messi (is the global brand ambassador for Sirin Labs), Mike Tyson, Gwyneth Paltrow, Rapper Ghostface Killah, Jay Z and Will Smith, Richard Sherman and many others.
Some of the celebrities who own Bitcoin are Elon Musk, Jack Dorsey, Mike Tyson, Maisie Williams, Mark Cuban, Snoop Dogg, Sean Ono Lennon, Kanye West, Floyd Mayweather Jr, Richard Branson and many others. Cuban used to be skeptical about Bitcoin, but later changed his mind in light of the progress the cryptocurrency industry was making.
Such a trend is really positive for the cryptocurrency industry. People tend to look up to celebrities and trust who they trust as well. So if celebrities turn to cryptocurrencies on a massive scale, other people are likely to follow their example.

[Read More] […]

Read More…

Sep 12, 2021 at 09:50 // News

The UK Financial Conduct Authority (FCA) accuses Kim Kardashian of promoting a risky cryptoasset token that could be a scam. Is this a result of a lack of awareness or a drive for money?
Kardashian used her Instagram handle to promote a cryptoasset called Ethereum Max Token, and the financial ad reached an audience of over 250 million followers of hers. Kim was paid to encourage her followers to hype and speculate about cryptocurrency coins by becoming a member of Ethereum Max Community.
The FCA warned that the coin in question could put venture capitalists and users at risk as it could be a cryptoasset scam.
To prevent the large Kardashian audience from becoming victims, the FCA tried to explain to the public how the internet and other social media platforms can be used to inform the public about scams and frauds, which can help venture capitalists avoid unsafe judgments.

The head of the FCA Charles Randell revealed that influencers should always work hand in hand with online platforms that are willing to protect both customers and their own businesses. They should also denounce all those individuals or institutions that do nothing instead of undermining the trust of their customers.
Even though it is not clear whether Ethereum Max is a scam or not, scammers usually pay celebrities to promote their pump and get rid of their new coins based on hype or sometimes play the market with coins that do not exist or never existed. Due to FOMO, people end up investing in these fake coins and become victims and lose their savings.
Lack of awareness or pursuit of income?
While it is understandable that scammers try to involve celebrities to appear more credible, it remains questionable why celebrities are willing to participate in the scams. In fact, Kim Kardashian is not the first celebrity to be involved in such a scheme.
In 2020, Steven Seagal was caught promoting the Bitcoin2Gen project, which was also suspected of being a scam, according to CoinIdol, a world blockchain news outlet. At the time, regulators also became alarmed. The US Securities and Exchange Commission (SEC) fined Seagal $314,000 after realizing that his actions were illegal.
In Seagal’s case, his involvement may be understandable. He lost much of his popularity after being a movie star in the 90s. So this behavior may have been triggered by both a desire for fame and some income. Some celebrities who lose popularity participate in commercials to make some profit and feel important.

But what drove Kim Kardashian to advertising when she lacks neither fame nor fortune? Another reason why celebrities may participate in suspicious projects is a lack of awareness. Although cryptocurrencies have indeed become a buzzword and a mainstream trend, some non-technical people find it difficult to distinguish a legitimate project from a scam.
Give the scammers credit, they sometimes do a really impressive job of masquerading as a legitimate project. However, there are several ways to tell if a project is fraudulent that will help users keep a watchful eye on projects they want to promote or invest in.
The love for cryptocurrency among celebrities is unabated
Meanwhile, interest in cryptocurrencies is growing unstoppably, even among celebrities. Celebrities who love cryptocurrencies include Ashton Kutcher, Mel B, Jamie Foxx (who promotes COBINHOOD), Nas, Lionel Messi (is the global brand ambassador for Sirin Labs), Mike Tyson, Gwyneth Paltrow, Rapper Ghostface Killah, Jay Z and Will Smith, Richard Sherman and many others.
Some of the celebrities who own Bitcoin are Elon Musk, Jack Dorsey, Mike Tyson, Maisie Williams, Mark Cuban, Snoop Dogg, Sean Ono Lennon, Kanye West, Floyd Mayweather Jr, Richard Branson and many others. Cuban used to be skeptical about Bitcoin, but later changed his mind in light of the progress the cryptocurrency industry was making.
Such a trend is really positive for the cryptocurrency industry. People tend to look up to celebrities and trust who they trust as well. So if celebrities turn to cryptocurrencies on a massive scale, other people are likely to follow their example.

[Read More] […]

Read More…

Sep 12, 2021 at 09:50 // News

The UK Financial Conduct Authority (FCA) accuses Kim Kardashian of promoting a risky cryptoasset token that could be a scam. Is this a result of a lack of awareness or a drive for money?
Kardashian used her Instagram handle to promote a cryptoasset called Ethereum Max Token, and the financial ad reached an audience of over 250 million followers of hers. Kim was paid to encourage her followers to hype and speculate about cryptocurrency coins by becoming a member of Ethereum Max Community.
The FCA warned that the coin in question could put venture capitalists and users at risk as it could be a cryptoasset scam.
To prevent the large Kardashian audience from becoming victims, the FCA tried to explain to the public how the internet and other social media platforms can be used to inform the public about scams and frauds, which can help venture capitalists avoid unsafe judgments.

The head of the FCA Charles Randell revealed that influencers should always work hand in hand with online platforms that are willing to protect both customers and their own businesses. They should also denounce all those individuals or institutions that do nothing instead of undermining the trust of their customers.
Even though it is not clear whether Ethereum Max is a scam or not, scammers usually pay celebrities to promote their pump and get rid of their new coins based on hype or sometimes play the market with coins that do not exist or never existed. Due to FOMO, people end up investing in these fake coins and become victims and lose their savings.
Lack of awareness or pursuit of income?
While it is understandable that scammers try to involve celebrities to appear more credible, it remains questionable why celebrities are willing to participate in the scams. In fact, Kim Kardashian is not the first celebrity to be involved in such a scheme.
In 2020, Steven Seagal was caught promoting the Bitcoin2Gen project, which was also suspected of being a scam, according to CoinIdol, a world blockchain news outlet. At the time, regulators also became alarmed. The US Securities and Exchange Commission (SEC) fined Seagal $314,000 after realizing that his actions were illegal.
In Seagal’s case, his involvement may be understandable. He lost much of his popularity after being a movie star in the 90s. So this behavior may have been triggered by both a desire for fame and some income. Some celebrities who lose popularity participate in commercials to make some profit and feel important.

But what drove Kim Kardashian to advertising when she lacks neither fame nor fortune? Another reason why celebrities may participate in suspicious projects is a lack of awareness. Although cryptocurrencies have indeed become a buzzword and a mainstream trend, some non-technical people find it difficult to distinguish a legitimate project from a scam.
Give the scammers credit, they sometimes do a really impressive job of masquerading as a legitimate project. However, there are several ways to tell if a project is fraudulent that will help users keep a watchful eye on projects they want to promote or invest in.
The love for cryptocurrency among celebrities is unabated
Meanwhile, interest in cryptocurrencies is growing unstoppably, even among celebrities. Celebrities who love cryptocurrencies include Ashton Kutcher, Mel B, Jamie Foxx (who promotes COBINHOOD), Nas, Lionel Messi (is the global brand ambassador for Sirin Labs), Mike Tyson, Gwyneth Paltrow, Rapper Ghostface Killah, Jay Z and Will Smith, Richard Sherman and many others.
Some of the celebrities who own Bitcoin are Elon Musk, Jack Dorsey, Mike Tyson, Maisie Williams, Mark Cuban, Snoop Dogg, Sean Ono Lennon, Kanye West, Floyd Mayweather Jr, Richard Branson and many others. Cuban used to be skeptical about Bitcoin, but later changed his mind in light of the progress the cryptocurrency industry was making.
Such a trend is really positive for the cryptocurrency industry. People tend to look up to celebrities and trust who they trust as well. So if celebrities turn to cryptocurrencies on a massive scale, other people are likely to follow their example.

[Read More] […]

Read More…

Sep 12, 2021 at 09:50 // News

The UK Financial Conduct Authority (FCA) accuses Kim Kardashian of promoting a risky cryptoasset token that could be a scam. Is this a result of a lack of awareness or a drive for money?
Kardashian used her Instagram handle to promote a cryptoasset called Ethereum Max Token, and the financial ad reached an audience of over 250 million followers of hers. Kim was paid to encourage her followers to hype and speculate about cryptocurrency coins by becoming a member of Ethereum Max Community.
The FCA warned that the coin in question could put venture capitalists and users at risk as it could be a cryptoasset scam.
To prevent the large Kardashian audience from becoming victims, the FCA tried to explain to the public how the internet and other social media platforms can be used to inform the public about scams and frauds, which can help venture capitalists avoid unsafe judgments.

The head of the FCA Charles Randell revealed that influencers should always work hand in hand with online platforms that are willing to protect both customers and their own businesses. They should also denounce all those individuals or institutions that do nothing instead of undermining the trust of their customers.
Even though it is not clear whether Ethereum Max is a scam or not, scammers usually pay celebrities to promote their pump and get rid of their new coins based on hype or sometimes play the market with coins that do not exist or never existed. Due to FOMO, people end up investing in these fake coins and become victims and lose their savings.
Lack of awareness or pursuit of income?
While it is understandable that scammers try to involve celebrities to appear more credible, it remains questionable why celebrities are willing to participate in the scams. In fact, Kim Kardashian is not the first celebrity to be involved in such a scheme.
In 2020, Steven Seagal was caught promoting the Bitcoin2Gen project, which was also suspected of being a scam, according to CoinIdol, a world blockchain news outlet. At the time, regulators also became alarmed. The US Securities and Exchange Commission (SEC) fined Seagal $314,000 after realizing that his actions were illegal.
In Seagal’s case, his involvement may be understandable. He lost much of his popularity after being a movie star in the 90s. So this behavior may have been triggered by both a desire for fame and some income. Some celebrities who lose popularity participate in commercials to make some profit and feel important.

But what drove Kim Kardashian to advertising when she lacks neither fame nor fortune? Another reason why celebrities may participate in suspicious projects is a lack of awareness. Although cryptocurrencies have indeed become a buzzword and a mainstream trend, some non-technical people find it difficult to distinguish a legitimate project from a scam.
Give the scammers credit, they sometimes do a really impressive job of masquerading as a legitimate project. However, there are several ways to tell if a project is fraudulent that will help users keep a watchful eye on projects they want to promote or invest in.
The love for cryptocurrency among celebrities is unabated
Meanwhile, interest in cryptocurrencies is growing unstoppably, even among celebrities. Celebrities who love cryptocurrencies include Ashton Kutcher, Mel B, Jamie Foxx (who promotes COBINHOOD), Nas, Lionel Messi (is the global brand ambassador for Sirin Labs), Mike Tyson, Gwyneth Paltrow, Rapper Ghostface Killah, Jay Z and Will Smith, Richard Sherman and many others.
Some of the celebrities who own Bitcoin are Elon Musk, Jack Dorsey, Mike Tyson, Maisie Williams, Mark Cuban, Snoop Dogg, Sean Ono Lennon, Kanye West, Floyd Mayweather Jr, Richard Branson and many others. Cuban used to be skeptical about Bitcoin, but later changed his mind in light of the progress the cryptocurrency industry was making.
Such a trend is really positive for the cryptocurrency industry. People tend to look up to celebrities and trust who they trust as well. So if celebrities turn to cryptocurrencies on a massive scale, other people are likely to follow their example.

[Read More] […]

Read More…

Celebrity and reality star Kim Kardashian is taking some guff from the U.K. Financial Conduct Authority (FCA) for a recent Instagram post involving cryptocurrency.
Kim Kardashian and the FCA Go Head to Head
The post discussed a new crypto asset known as Ethereum Max, and Kardashian is getting the stink eye after asking all her followers to consider joining the “Ethereum Max Community.” Charles Randell – head of the FCA – stated in an interview that this could have been the Instagram-crypto post with the largest audience in history. At the time of writing, Kardashian boasts more than 250 million followers on the social media platform.
Since the post was flagged, the reality star has come out to explain that it was simply an ad, though this isn’t making Randell back off. He stated:

She didn’t have to disclose that Ethereum Max — not to be confused with Ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto exchanges.

He went on to say that Kardashian is not exactly in trouble, nor could he mention if Ethereum Max was a scam of sorts. However, he did explain the following:

Social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.

He also mentioned that some social media influencers have, in the past, discussed cryptocurrencies that did not even exist, which caused several people to invest fraudulently. From there, he unraveled a whole new argument that cryptocurrencies are usually not backed by fiat currencies or any other underlying assets that boast actual value.
Thus, traders should always be cautious when trading digital currencies and they should be prepared to lose all their money should they choose to move forward given that these currencies are new and have only existed for a few years and that it has been difficult to measure how they perform through a “full market cycle.” He said:

If you buy them, you should be prepared to lose all your money… There is no shortage of stories of people who have lost savings by being lured into the crypto bubble with delusions of quick riches, sometimes after listening to their favorite influencers, ready to betray their fans’ trust for a fee.

So Many People Buying Crypto They Probably Can’t Afford
According to the FCA, approximately 2.3 million residents of the United Kingdom are invested in various digital assets, and Randell is worried about this considering about 14 percent of these individuals used credit to purchase the tokens, meaning they borrowed money they likely didn’t have.
He is also for various social media platforms – such as Facebook, Twitter, Instagram and Tik Tok – adhering to certain guidelines that would ultimately prevent them from discussing or promoting certain financial offers.

[Read More] […]

Read More…

Celebrity and reality star Kim Kardashian is taking some guff from the U.K. Financial Conduct Authority (FCA) for a recent Instagram post involving cryptocurrency.
Kim Kardashian and the FCA Go Head to Head
The post discussed a new crypto asset known as Ethereum Max, and Kardashian is getting the stink eye after asking all her followers to consider joining the “Ethereum Max Community.” Charles Randell – head of the FCA – stated in an interview that this could have been the Instagram-crypto post with the largest audience in history. At the time of writing, Kardashian boasts more than 250 million followers on the social media platform.
Since the post was flagged, the reality star has come out to explain that it was simply an ad, though this isn’t making Randell back off. He stated:

She didn’t have to disclose that Ethereum Max — not to be confused with Ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto exchanges.

He went on to say that Kardashian is not exactly in trouble, nor could he mention if Ethereum Max was a scam of sorts. However, he did explain the following:

Social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.

He also mentioned that some social media influencers have, in the past, discussed cryptocurrencies that did not even exist, which caused several people to invest fraudulently. From there, he unraveled a whole new argument that cryptocurrencies are usually not backed by fiat currencies or any other underlying assets that boast actual value.
Thus, traders should always be cautious when trading digital currencies and they should be prepared to lose all their money should they choose to move forward given that these currencies are new and have only existed for a few years and that it has been difficult to measure how they perform through a “full market cycle.” He said:

If you buy them, you should be prepared to lose all your money… There is no shortage of stories of people who have lost savings by being lured into the crypto bubble with delusions of quick riches, sometimes after listening to their favorite influencers, ready to betray their fans’ trust for a fee.

So Many People Buying Crypto They Probably Can’t Afford
According to the FCA, approximately 2.3 million residents of the United Kingdom are invested in various digital assets, and Randell is worried about this considering about 14 percent of these individuals used credit to purchase the tokens, meaning they borrowed money they likely didn’t have.
He is also for various social media platforms – such as Facebook, Twitter, Instagram and Tik Tok – adhering to certain guidelines that would ultimately prevent them from discussing or promoting certain financial offers.

[Read More] […]

Read More…

Celebrity and reality star Kim Kardashian is taking some guff from the U.K. Financial Conduct Authority (FCA) for a recent Instagram post involving cryptocurrency.
Kim Kardashian and the FCA Go Head to Head
The post discussed a new crypto asset known as Ethereum Max, and Kardashian is getting the stink eye after asking all her followers to consider joining the “Ethereum Max Community.” Charles Randell – head of the FCA – stated in an interview that this could have been the Instagram-crypto post with the largest audience in history. At the time of writing, Kardashian boasts more than 250 million followers on the social media platform.
Since the post was flagged, the reality star has come out to explain that it was simply an ad, though this isn’t making Randell back off. He stated:

She didn’t have to disclose that Ethereum Max — not to be confused with Ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto exchanges.

He went on to say that Kardashian is not exactly in trouble, nor could he mention if Ethereum Max was a scam of sorts. However, he did explain the following:

Social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.

He also mentioned that some social media influencers have, in the past, discussed cryptocurrencies that did not even exist, which caused several people to invest fraudulently. From there, he unraveled a whole new argument that cryptocurrencies are usually not backed by fiat currencies or any other underlying assets that boast actual value.
Thus, traders should always be cautious when trading digital currencies and they should be prepared to lose all their money should they choose to move forward given that these currencies are new and have only existed for a few years and that it has been difficult to measure how they perform through a “full market cycle.” He said:

If you buy them, you should be prepared to lose all your money… There is no shortage of stories of people who have lost savings by being lured into the crypto bubble with delusions of quick riches, sometimes after listening to their favorite influencers, ready to betray their fans’ trust for a fee.

So Many People Buying Crypto They Probably Can’t Afford
According to the FCA, approximately 2.3 million residents of the United Kingdom are invested in various digital assets, and Randell is worried about this considering about 14 percent of these individuals used credit to purchase the tokens, meaning they borrowed money they likely didn’t have.
He is also for various social media platforms – such as Facebook, Twitter, Instagram and Tik Tok – adhering to certain guidelines that would ultimately prevent them from discussing or promoting certain financial offers.

[Read More] […]

Read More…

Celebrity and reality star Kim Kardashian is taking some guff from the U.K. Financial Conduct Authority (FCA) for a recent Instagram post involving cryptocurrency.
Kim Kardashian and the FCA Go Head to Head
The post discussed a new crypto asset known as Ethereum Max, and Kardashian is getting the stink eye after asking all her followers to consider joining the “Ethereum Max Community.” Charles Randell – head of the FCA – stated in an interview that this could have been the Instagram-crypto post with the largest audience in history. At the time of writing, Kardashian boasts more than 250 million followers on the social media platform.
Since the post was flagged, the reality star has come out to explain that it was simply an ad, though this isn’t making Randell back off. He stated:

She didn’t have to disclose that Ethereum Max — not to be confused with Ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto exchanges.

He went on to say that Kardashian is not exactly in trouble, nor could he mention if Ethereum Max was a scam of sorts. However, he did explain the following:

Social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.

He also mentioned that some social media influencers have, in the past, discussed cryptocurrencies that did not even exist, which caused several people to invest fraudulently. From there, he unraveled a whole new argument that cryptocurrencies are usually not backed by fiat currencies or any other underlying assets that boast actual value.
Thus, traders should always be cautious when trading digital currencies and they should be prepared to lose all their money should they choose to move forward given that these currencies are new and have only existed for a few years and that it has been difficult to measure how they perform through a “full market cycle.” He said:

If you buy them, you should be prepared to lose all your money… There is no shortage of stories of people who have lost savings by being lured into the crypto bubble with delusions of quick riches, sometimes after listening to their favorite influencers, ready to betray their fans’ trust for a fee.

So Many People Buying Crypto They Probably Can’t Afford
According to the FCA, approximately 2.3 million residents of the United Kingdom are invested in various digital assets, and Randell is worried about this considering about 14 percent of these individuals used credit to purchase the tokens, meaning they borrowed money they likely didn’t have.
He is also for various social media platforms – such as Facebook, Twitter, Instagram and Tik Tok – adhering to certain guidelines that would ultimately prevent them from discussing or promoting certain financial offers.

[Read More] […]

Read More…

Celebrity and reality star Kim Kardashian is taking some guff from the U.K. Financial Conduct Authority (FCA) for a recent Instagram post involving cryptocurrency.
Kim Kardashian and the FCA Go Head to Head
The post discussed a new crypto asset known as Ethereum Max, and Kardashian is getting the stink eye after asking all her followers to consider joining the “Ethereum Max Community.” Charles Randell – head of the FCA – stated in an interview that this could have been the Instagram-crypto post with the largest audience in history. At the time of writing, Kardashian boasts more than 250 million followers on the social media platform.
Since the post was flagged, the reality star has come out to explain that it was simply an ad, though this isn’t making Randell back off. He stated:

She didn’t have to disclose that Ethereum Max — not to be confused with Ethereum — was a speculative digital token created a month before by unknown developers, one of hundreds of such tokens that fill the crypto exchanges.

He went on to say that Kardashian is not exactly in trouble, nor could he mention if Ethereum Max was a scam of sorts. However, he did explain the following:

Social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation.

He also mentioned that some social media influencers have, in the past, discussed cryptocurrencies that did not even exist, which caused several people to invest fraudulently. From there, he unraveled a whole new argument that cryptocurrencies are usually not backed by fiat currencies or any other underlying assets that boast actual value.
Thus, traders should always be cautious when trading digital currencies and they should be prepared to lose all their money should they choose to move forward given that these currencies are new and have only existed for a few years and that it has been difficult to measure how they perform through a “full market cycle.” He said:

If you buy them, you should be prepared to lose all your money… There is no shortage of stories of people who have lost savings by being lured into the crypto bubble with delusions of quick riches, sometimes after listening to their favorite influencers, ready to betray their fans’ trust for a fee.

So Many People Buying Crypto They Probably Can’t Afford
According to the FCA, approximately 2.3 million residents of the United Kingdom are invested in various digital assets, and Randell is worried about this considering about 14 percent of these individuals used credit to purchase the tokens, meaning they borrowed money they likely didn’t have.
He is also for various social media platforms – such as Facebook, Twitter, Instagram and Tik Tok – adhering to certain guidelines that would ultimately prevent them from discussing or promoting certain financial offers.

[Read More] […]

Read More…