How Crypto Twitter reacted to Kim Kardashian’s $1.26M SEC fine

wxa7115

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Quote from: eaLiTy on October 26, 2022, 03:32:13 PM

Quote from: goaldigger on October 25, 2022, 04:57:52 PM

~
As long as they are getting paid, they’ll accept it without understanding the project itself.
You can only know a limited celebrities who really cares about their projects they are promoting and it’s good to follow them instead of the most popular celebrities. We should not depend on anyone though, they can spread awareness but it’s our job to analyze it and confirm if it’s a good project or not. Our decision at the end should always be based on the data and not based on anyone’s advice, you’ll succeed more if you do your own strategy.

Do not follow any influencers as they will promote anything if they get the money like you mentioned. I have not seen any genuine investors who take their time checking the product. We see those analysis in this forum mostly without any bias if there is something fishy about a project which has got a lot of hype.
The rest of them are paid promoters and Kim Kardashian does have a huge dumb following so it is necessary to restrict these type of promotions Cheesy

.

It is obvious that she does not care about her fans and followers but she surely cares about herself, was it really that difficult for her to think that promoting something like this was a bad idea?

Promoting a bad product at most will cause people to lose a few dollars, but promoting a financial product which is a scam can cause people to lose a massive amount of money not only to others but even to herself, and even if the fine is something which she can easily pay she could have easily avoided this if a little bit of common sense was used before accepting such a deal.

eaLiTy

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Quote from: goaldigger on October 25, 2022, 04:57:52 PM

~
As long as they are getting paid, they’ll accept it without understanding the project itself.
You can only know a limited celebrities who really cares about their projects they are promoting and it’s good to follow them instead of the most popular celebrities. We should not depend on anyone though, they can spread awareness but it’s our job to analyze it and confirm if it’s a good project or not. Our decision at the end should always be based on the data and not based on anyone’s advice, you’ll succeed more if you do your own strategy.

Do not follow any influencers as they will promote anything if they get the money like you mentioned. I have not seen any genuine investors who take their time checking the product. We see those analysis in this forum mostly without any bias if there is something fishy about a project which has got a lot of hype.
The rest of them are paid promoters and Kim Kardashian does have a huge dumb following so it is necessary to restrict these type of promotions Cheesy

.

Ipyana MW

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Quote from: FMCPAY_GLOBAL on October 03, 2022, 10:44:11 PM

The crypto community reacted with a mix of disbelief and amusement after reality star Kim Kardashian was fined for promoting the cryptocurrency EthereumMax (EMAX).

The United States Securities and Exchange Commission (SEC) fined Kardashian $1.26 million on Oct. 3, for “touting on social media” about the EMAX without disclosing she was paid $250,000 to post about it.

Kardashian has neither admitted to nor denied the SEC’s allegations, but settled the charges and agreed to not promote any cryptocurrency assets until 2025.

SEC chairman Gary Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn't “mean those investment products are right for all investors.”

(Source: Cointelegraph)

It doesn’t matter how the Twitter community reacted at all! What Kim did is a law violation she was made to answer for. Period. Anyway, one less: Kardashian also agreed to not promote any crypto asset securities for three years.

wxa7115

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Quote from: fullhdpixel on October 23, 2022, 01:16:00 AM

Quote from: FMCPAY_GLOBAL on October 03, 2022, 10:44:11 PM

SEC chairman Gary Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn't “mean those investment products are right for all investors.”

A person with a common sense already know this. Celebs are mostly being paid to advertise the things that they are showing on their timeline and the real products that they use are hidden from the camera. But, sometimes it's about the greediness of the people to earn.

They invest on the coin promoted by Kim because they think other people are going to do the same and this can make the coin pump easily. They are lucky if it did and then they sold on the right time before the collapse happened. I am sure it will, now that the reports are out about Kim being involved in the issue of promoting a crypto coin. Kim must be full of disappointment because she is going to pay more, than the money that she got from Emax.

That is exactly what happens and this is a very dangerous attitude to have, in the long run this attitude is bound to cause massive losses because it is unlikely that you will time the market perfectly and at some point you will be the one holding a bunch of useless coins no one cares about.

With this in mind it is important to only invest in coins which have a good potential and avoid those useless coins, since it is way more likely we could irremediably reduce our capital instead of increasing it with maneuvers like that.

goaldigger

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Quote from: Balmain on October 23, 2022, 10:47:59 AM

A lot of celebrities and influencers introduced coins and they still do. Thousands of people have been harmed by following them. Influencers only look at the deals they made, the rest is not important anyway. People are impressed just because they are popular and they invest their money without question. Because they are rich, maybe they know something, maybe they make themselves believe that I can be too? if that's the case, that's too bad. Anyway, influencers will continue to promote, no matter how much the SEC penalizes them. I don't think it will be a deterrent.

As long as they are getting paid, they’ll accept it without understanding the project itself.
You can only know a limited celebrities who really cares about their projects they are promoting and it’s good to follow them instead of the most popular celebrities. We should not depend on anyone though, they can spread awareness but it’s our job to analyze it and confirm if it’s a good project or not. Our decision at the end should always be based on the data and not based on anyone’s advice, you’ll succeed more if you do your own strategy.

Yaunfitda

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Quote from: Xal0lex on October 23, 2022, 03:19:00 PM

Quote from: Slow death on October 23, 2022, 12:55:36 PM

Quote from: Xal0lex on October 05, 2022, 12:19:12 PM

All these media stars are almost always promoting outright scam and garbage.

the question I ask: what is really missing for so many celebrities to have promoted shitcoin?

because celebrities are rich people, they don't even need the money these shitcoins give, but how is it possible that celebrities don't have legal advisors and people who are able to do research on these scam projects and alert celebrities?

They are paid huge royalties for promotion, which allows them to make money on that coin, as opposed to the crowd of naive investors who believed the Influencer. Influencers have always gotten a lot of money for promoting a product to their audience. I think if there were any modest sums involved, these celebrities wouldn't cooperate. If they're spending their time and their media resources, that means there are some extremely lucrative contracts out there.

Yes, and I would add that this superstars are not going to look at what project it is, and who is the people behind. As long as they are going to make money out it and tons then, they will ride and promote it whatever they can on their social media.

It's that the SEC really caught on her, and setting some examples on that the next celebrities who are going to be approach by this project will have second thoughts whether to endorse it or not. And I so I say this is a good move by SEC to promote future investors from getting scam again.

Xal0lex

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Quote from: Slow death on October 23, 2022, 12:55:36 PM

Quote from: Xal0lex on October 05, 2022, 12:19:12 PM

All these media stars are almost always promoting outright scam and garbage.

the question I ask: what is really missing for so many celebrities to have promoted shitcoin?

because celebrities are rich people, they don't even need the money these shitcoins give, but how is it possible that celebrities don't have legal advisors and people who are able to do research on these scam projects and alert celebrities?

They are paid huge royalties for promotion, which allows them to make money on that coin, as opposed to the crowd of naive investors who believed the Influencer. Influencers have always gotten a lot of money for promoting a product to their audience. I think if there were any modest sums involved, these celebrities wouldn't cooperate. If they're spending their time and their media resources, that means there are some extremely lucrative contracts out there.

serjent05

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Quote from: cryptoaddictchie on October 04, 2022, 08:59:46 PM

I think its nothing to her

I also think that the fine amount is nothing to what Kim Kardashian possibly gained by promoting the scam project.

Quote from: cryptoaddictchie on October 04, 2022, 08:59:46 PM

SEC just reminding that dont aabuse your stance or position on social media to earn money. Well its not that isnt allowed but we are talking about cryptocurrency here. She just promoted it without probably knowing what it is or at least do some background check and review of the project.

I think it isn't about abuse, but rather Kim Kardashian is promoting a scam company and earning from it, whether she knows or not that the company is a scam, promoting the scam company and influencing people to invest in it somehow needs to be punished. The reason for the $1.26M fine.

Quote from: cryptoaddictchie on October 04, 2022, 08:59:46 PM

What if there are some who buys a lot and loss a lot on the process, can Kardashian be liable on that provided she told a lot of good words about the project? The only thing is crypto is decentralized its your choice to invest here. But its not the reality now. If you are in the wrong investment youll get suffer a lot.

The only liability Kardashian has is her influence that drives the masses into joining the scam compay.

Slow death

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When I read this news I was wondering the following:

when a celebrity receives a business proposal, and in this case the business would be to promote a particular altcoin, does this celebrity receive the proposal by email, instagram, twitter but does this celebrity not make an appointment in person to discuss legal aspects with the altcoin owner? If you don't mark, how do you sign the contract? Or will they skip this step and do everything informally? another thing is that the celebrity doesn't have legal advisors to give them advice on these legal issues and doesn't have marketing advisors who are able to research before if the altcoin is not a scam to avoid tarnishing the celebrity's image? what is really missing for so many celebrities to have promoted shitcoin?

Quote from: Xal0lex on October 05, 2022, 12:19:12 PM

All these media stars are almost always promoting outright scam and garbage.

the question I ask: what is really missing for so many celebrities to have promoted shitcoin?

because celebrities are rich people, they don't even need the money these shitcoins give, but how is it possible that celebrities don't have legal advisors and people who are able to do research on these scam projects and alert celebrities?

Balmain

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A lot of celebrities and influencers introduced coins and they still do. Thousands of people have been harmed by following them. Influencers only look at the deals they made, the rest is not important anyway. People are impressed just because they are popular and they invest their money without question. Because they are rich, maybe they know something, maybe they make themselves believe that I can be too? if that's the case, that's too bad. Anyway, influencers will continue to promote, no matter how much the SEC penalizes them. I don't think it will be a deterrent.

abel1337

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Quote from: Bitstar_coin on October 21, 2022, 01:34:02 PM

Quote from: KaliLinux on October 21, 2022, 10:30:31 AM

Quote from: Lagduf on October 04, 2022, 12:00:51 AM

Any artise must do a deeply research before they wanna try to promote cryptocurrency. Ethereum max was a garbage scam token. No doubt if SEC was charging him back with more than one millions USD as fines for his action to promote the scam crypto. This proves that celebrity cares only money but they didn't even care with what happened with their followers. There are so many dumb celebrities.

Kim Kardashian is a SHE by the way but doesn't this look really unprofessional of her? Of cause I believe she knows less about cryptocurrencies but will just want to use their celeb personality to make money, now she is paying more than she collected for the hype Grin

and people will invest in the project just cos she promoted it. A good lesson for her I must say.

Yeah, funny how her PA or agency (whatever they are called) allowed this type of thing to happen, shouldn't a deal like this be properly vetted by the right people whose job it is to check stuff like this before commitment? It is very disappointing how she got mixed up with a fake project for far less than what she is being charged for right now.
This will definitely serve as a warning to the rest of the celebs who think they can use their popularity to promote any project without doing any thorough vetting before promoting.

I think she didn't disclosed that she was paid to do the promotion, Obviously her management didn't know it and I think Kim Kardashian take all the promotion by herself. Well it is the consequence of promoting without further research, She didn't talk to her management which can do the research and decision so I think she deserves it. We all should hope that in the next bull run, Celebrity promotions won't be effective as much what effectiveness it has last bull market so that people won't be deceived investing on a trash projects.

Humility4sure

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It's quite unfortunate that Kim lost over a million dollars for promoting a project. She needs to be mindful of the fact that several people look up to her and she ought to do the necessary checks to ensure that she's promoting the right brands. I understand that she now has a bad feeling about cryptocurrency projects that explains why she won't be promoting another for the next three years.

fullhdpixel

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Quote from: FMCPAY_GLOBAL on October 03, 2022, 10:44:11 PM

SEC chairman Gary Gensler tweeted the fine was a reminder that celebrity endorsement of investment opportunities doesn't “mean those investment products are right for all investors.”

A person with a common sense already know this. Celebs are mostly being paid to advertise the things that they are showing on their timeline and the real products that they use are hidden from the camera. But, sometimes it's about the greediness of the people to earn.

They invest on the coin promoted by Kim because they think other people are going to do the same and this can make the coin pump easily. They are lucky if it did and then they sold on the right time before the collapse happened. I am sure it will, now that the reports are out about Kim being involved in the issue of promoting a crypto coin. Kim must be full of disappointment because she is going to pay more, than the money that she got from Emax.

Bitstar_coin

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Quote from: KaliLinux on October 21, 2022, 10:30:31 AM

Quote from: Lagduf on October 04, 2022, 12:00:51 AM

Any artise must do a deeply research before they wanna try to promote cryptocurrency. Ethereum max was a garbage scam token. No doubt if SEC was charging him back with more than one millions USD as fines for his action to promote the scam crypto. This proves that celebrity cares only money but they didn't even care with what happened with their followers. There are so many dumb celebrities.

Kim Kardashian is a SHE by the way but doesn't this look really unprofessional of her? Of cause I believe she knows less about cryptocurrencies but will just want to use their celeb personality to make money, now she is paying more than she collected for the hype Grin

and people will invest in the project just cos she promoted it. A good lesson for her I must say.

Yeah, funny how her PA or agency (whatever they are called) allowed this type of thing to happen, shouldn't a deal like this be properly vetted by the right people whose job it is to check stuff like this before commitment? It is very disappointing how she got mixed up with a fake project for far less than what she is being charged for right now.
This will definitely serve as a warning to the rest of the celebs who think they can use their popularity to promote any project without doing any thorough vetting before promoting.

KaliLinux

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Quote from: Lagduf on October 04, 2022, 12:00:51 AM

Any artise must do a deeply research before they wanna try to promote cryptocurrency. Ethereum max was a garbage scam token. No doubt if SEC was charging him back with more than one millions USD as fines for his action to promote the scam crypto. This proves that celebrity cares only money but they didn't even care with what happened with their followers. There are so many dumb celebrities.

Kim Kardashian is a SHE by the way but doesn't this look really unprofessional of her? Of cause I believe she knows less about cryptocurrencies but will just want to use their celeb personality to make money, now she is paying more than she collected for the hype Grin

and people will invest in the project just cos she promoted it. A good lesson for her I must say.

DanWalker

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Quote from: wxa7115 on October 11, 2022, 07:38:42 PM

Quote from: ?? on ??

This will be a good lesson for other popular personalities that you need to be responsible for everything and for advertising dubious projects, including.The fine is very impressive and will be a good warning for others, in my memory this is not the first time when they advertise without understanding the work of the product.

This should be common sense, I mean if an artist wants to promote a product then that is fine, but when they begin to promote some sort of investment option then that is when very clear lines should be in place.

After all if you buy a product and you do not like it you can always return it and get your money back, but if you invest in a scam this is not possible, so celebrities need to be held responsible for the investments they promote so they stop promoting scams.

Products are not merely jewelry or everyday items, but sometimes medicines, functional foods...in my country many artists abuse their reputation to advertise any brand as long as they get money. This is a very dangerous loophole, unbranded trademarks are also marketed by famous artists, easily misleading the general user. Many people in my locality were hospitalized after using products advertised by them, after some allegations they deleted all marketing posts and deemed them irrelevant. The action of the SEC is completely right and I hope that countries should also regulate the marketing of artists' products, because they are public figures, they have a large following.

Dave1

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Quote from: Strongkored on October 18, 2022, 11:37:48 PM

Is it possible that SEC doing this will have a positive effect on reducing the number of people investing in crypto scam?

It could be, that's there mandate as far as I know, inform people so that they won't fall for scam.

And if I'm not mistaken, many stars do really promote scam projects in the past but they just got slap in the wrist. And although Kim has been tag with millions of dollars I think it is quite small as a penalty.

Hopefully there will be no more scam attempts in the name of celebrity and let this be a lesson for fans not to fall for it an they have to check everything out and not just because their favorite celeb endorse it, it means that the project is going to be successful and not be scamming people.

Strongkored

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Is it possible that SEC doing this will have a positive effect on reducing the number of people investing in crypto scam?
Because usually celebrity fans are very loyal to them and always consider what they say as the truth so they always follow what the celebrity says.
But what Kim did proves that many rich people only care about how to continue to increase their coffers of money even though it will make many of their followers suffer.
I don't care what celebrities do through their social media about crypto because this place has become a good place to get information about cryptocurrencies

wxa7115

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Quote from: mich on October 12, 2022, 12:11:27 AM

Well she did he violate the anti-touting provision of federal securities law by using her celebrity status, power as a social media Influencer, and manipulating her following through her looks to allow her fans to get scammed.
I feel good that she is getting what she deserves and if she wasnt so rich and famous maybe she would have to serve some time in jail. I hope she loses some fan base but I don't know if she will since her fans are so loyal and they will forgive her.

I doubt she will lose many fans over this, it is obvious that she knows how to manipulate her image and the media to escape the consequences of most of her actions.

And we know this is true as there is no other way to explain how someone like her can be so famous when she literary does nothing and yet people love her, so while the fine is higher than what she got paid she can easily pay it and recover whatever money that she lost in just a few days.

mich

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Well she did he violate the anti-touting provision of federal securities law by using her celebrity status, power as a social media Influencer, and manipulating her following through her looks to allow her fans to get scammed.
I feel good that she is getting what she deserves and if she wasnt so rich and famous maybe she would have to serve some time in jail. I hope she loses some fan base but I don't know if she will since her fans are so loyal and they will forgive her.

Topic: How Crypto Twitter reacted to Kim Kardashian’s $1.26M SEC fine (Read 388 times)