Kim Kardashian and other celebs are being sued over crypto controversy

Things are not looking good for Kim Kardashian as she is currently being sued over an Instagram post that was, apparently, harmless at the time.

According to The Independent, she is under fire for her involvement in the cryptocurrency market which crashed by over 90% shortly after she promoted the high-value digital currency on her Instagram account.

“Are you guys into coding????” Kardashian posted on Instagram her story at the time. “This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”

After the post, it can be assumed that many of her 200 million followers have decided to invest in the token. After all, Kim Kardashian’s elite status makes her one of the most influential people in the world, which is why, although she confirmed that she does not share financial advice, people trusted her word and bought the Ethereum Max token.

How does Kim Kardashian feel about the cryptocurrency issue?

Kim Kardashian has yet to make a statement regarding the lawsuit, but it’s safe to assume that she, along with several other celebrities like Floyd Mayweather and Paul Pierce who have been sued over the same situation, isn’t too happy about it, in particular because she hasn’t openly told her followers about the investment. in the currency.

However, the lawsuit holds her and many other celebrities accountable.

A spokesperson for the US Securities and Exchange Commission stated that “social media influencers are often paid promoters, not investment professionals.” “[And] The securities they are promoting, regardless of whether they are issued using traditional certificates or on the blockchain, can be scams.”

Based on the above statement, it appears that Kardashian may be the first of many celebrities who will provide examples of the dangers of influencer culture in the marketplace if she is found guilty. But until it has not been found responsible for the sudden collapse of the Ethereum Max token, it can be assumed that it will most likely refrain from promoting the digital currency in the future.

Stay tuned for more updates regarding this issue.