Kim Kardashian criticised for promoting an untested cryptocurrency

[Teletubby 122,582]

Kim Kardashian has been criticised for promoting an untested cryptocurrency on Instagram, by the head of the UK's Financial Conduct Authority (FCA).

The FCA chair, Charles Randell said Ms Kardashian had "asked her 250 million followers to speculate on crypto tokens" by promoting an advert for Ethereum Max.

She posted a paid promotion of a cryptocurrency token called Ethereum Max to her Instagram stories, where she asked her 250 million fans: “Are you guys into crypto????”. While the post was marked as an advertisement, Randell said Kardashian did not disclose that Ethereum Max (not to be confused with Ethereum) was created only a month earlier by unknown developers.

Randell said: "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.”

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.

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[HausOfAntonio 7,849]

Its whoever purchases the currency’s job to research on it. Kim’s not anyone’s mom lol. 

[robboadam 1,692]

2 minutes ago, HausOfAntonio said:

Its whoever purchases the currency’s job to research on it. Kim’s not anyone’s mom lol. 

[HausOfAntonio 7,849]

12 minutes ago, robboadam said:

I would tend to agree but not in this case. Purchasing currency is a great responsibility, especially something as volatile as crypto. If you rely solely on a celebrity’s word to invest in it, idk if you should be in the first place. 

[Bolkins 3,869]

I’d only trust Paris with crypto matters 

[Glamourpuss 29,062]

30 minutes ago, HausOfAntonio said:

Its whoever purchases the currency’s job to research on it. Kim’s not anyone’s mom lol. 

She's an influencer though. So she has a responsibility. 

[bionic 38,777]

26 minutes ago, HausOfAntonio said:

I would tend to agree but not in this case. Purchasing currency is a great responsibility, especially something as volatile as crypto. If you rely solely on a celebrity’s word to invest in it, idk if you should be in the first place. 

You're right that somebody shouldn't do anything (especially anything financial) because a celebrity tells them to do so. Many will see that Kim, a wealthy and successful person, is advocating for this currency and then invest because if Kim likes it, it might make me wealthy too

[candiedroses 406]

1 hour ago, HausOfAntonio said:

Its whoever purchases the currency’s job to research on it. Kim’s not anyone’s mom lol. 

I could've sworn she had a few children with Kanye West. 

[holy scheisse 20,802]

Wonder if she was paid in dollars or Ethereum max to do the promo 

[Economy 44,247]

FCA? They stole that from Star Trek