Celebrities accused of ‘betraying their fans’ trust’ with messages paid in crypto-currency

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Celebrities are betraying their fans by touting high-risk online investments, watchdogs said yesterday. Kim Kardashian was singled out for promoting a crypto-currency to her 251million social media followers Miss Kardashian, 40, did not say how much she was paid for the advert but a 2019 court filing revealed she can earn up to £361,000 for a single Instagram post. The reality TV star posted an advert for Ethereum Max – a digital ‘token’ similar to Bitcoin – on Instagram on Sunday. She said: ‘Are you guys into crypto??? This is not financial advice but sharing what my friends told me about the Ethereum Max token!’

Kim Kardashian was singled out for promoting a crypto-currency to her 251million social media followers. Celebrities are betraying their fans by touting high-risk online investments, watchdogs said yesterday.

The reality TV star posted an advert for Ethereum Max – a digital ‘token’ similar to Bitcoin – on Instagram on Sunday. She said: ‘Are you guys into crypto??? This is not financial advice but sharing what my friends told me about the Ethereum Max token!’  Published: 17:25 EDT, 6 September 2021 | Updated: 21:28 EDT, 6 September 2021

‘Some influencers promote coins that turn out simply not to exist at all. There are no assets or real-world cash flows underpinning the price of speculative digital tokens, even the better-known ones like Bitcoin…’.  He added: ‘We simply don’t know when or how this story will end, but – as with any new speculation – it may not end well.’ Speaking of Ethereum Max at the Cambridge International Symposium on Economic Crime, Mr 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.

Regulators fear that crypto tokens are too risky for most savers – and some are scams. The stars are selling ‘delusions of quick riches’, according to Charles Randell, chairman of the Financial Conduct Authority. Boxer Floyd Mayweather has also promoted Ethereum Max and accepted the online tokens as payment for a recent fight with YouTube star Logan Paul.

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