Things are not looking too good for Kim Kardashian as she is currently being sued over an Instagram post that was, seemingly, harmless at the time.
According to the Independent, she is coming under fire for her involvement in the crypto market crashing over 90% shortly after she promoted the highly valued digital currency on her Instagram account.
“Are you guys into crypto????” Kardashian posted on her Instagram Story at the time. “This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”
Following the post, it can be assumed many of her 200 million followers 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, though she emphasized that she wasn’t sharing financial advice, people trusted her word and purchased the Ethereum Max token.
How does Kim Kardashian feel about the cryptocurrency lawsuit?
Kim Kardashian has yet to make a statement on the lawsuit, but it’s safe to assume that she, along with the many other celebrities like Floyd Mayweather and Paul Pierce who are being sued for the same situation, isn’t too happy about this, especially because she didn’t explicitly tell her followers to invest in the coin.
Nevertheless, the lawsuit is holding her and many other celebrities accountable.
“Social media influencers are often paid promoters, not investment professionals,” a spokesperson from U.S. Securities and Exchange Commission stated. “[And] the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds.”
Based on the above statement, it seems that Kardashian may be the first of many celebrities who will be made examples of the dangers of influencer culture on the market if she is found guilty. But even she is not found responsible for the sudden crash of the Ethereum Max token, it can be assumed that she will likely refrain from promoting digital currency in the future.
Stay tuned for more updates regarding this case.