Kim Kardashian has agreed to pay over $1 million to a government agency, according to multiple reports. The influencer is paying the $1.26 million fine to the Securities and Exchange Commission for promoting a crypto asset on Instagram.
The SEC fined Kardashian for not mentioning her post about EthereumMax as a paid ad. The reality TV star received $250,000 to make the post. She also agreed to cooperate with the ongoing investigation. She also agreed not to promote crypto for three years.
“Are you guys into crypto?” Kardashian’s caption, sent to her 225 million followers, read. “This is not financial advice but sharing what my friends told me about the ethereum max token!” Kardashian added the hashtag “ad” at the end of the post, which the SEC said wasn’t enough.
Kardashian has a net worth of $1.8 billion, according to Forbes. The typical American family has a net worth of about $122K, according to the most recent estimate by the Federal Reserve.