SEC Fines Lindsay Lohan Star Sixtet for Misleading Crypto Ads

The US financial markets regulator SEC has targeted and fined actress Lindsay Lohan and several other celebrities for misleading crypto advertising.

Fines against Lindsay Lohan, Jake Paul & Co. for crypto advertising

According to the SEC, Lohan was paid for crypto advertising on online networks, but did not publicly disclose the payment. As part of the investigation, Lohan agreed to pay $40,670 without admitting guilt. YouTube star Jake Paul also has to answer for similar allegations with crypto advertising and has reportedly agreed to pay a good 100,000 US dollars.

The same applies to the porn actress Michele Mason known as Kendra Lust, rapper Lil Yachty and the singers Ne-Yo and Akon. The celebrities had also made misleading crypto advertisements. And like the others, they didn’t state that they received money for it.

Not First: Kardashian and Pierce didn’t get off SEC either

The SEC has been cracking down on celebrities who advertise crypto without making their pay public for some time. Last October, reality TV star Kim Kardashian paid a $1.26 million fine over similar allegations. In addition to Kardashian, ex-NBA star Paul Pierce also escaped a hefty fine in February. Also known as “The Truth”, he was even sentenced to pay 1.4 million US dollars . Floyd Mayweather, on the other hand, went unpunished. The agency emphasizes that it is important for advertisers and celebrities to be transparent about their financial relationships related to crypto advertising in order to protect consumers from misleading advertising.

EthereumMax raised the issue of crypto advertising and misleading financial products internationally. Several well-known people were fined or were in the dock for their publicity activities. Misleading advertising for cryptocurrencies is a growing problem as more and more celebrities and influencers are promoting cryptocurrencies on social media platforms. However, the applicants are often not sufficiently informed about the risks and fluctuations of cryptocurrencies and are seduced by the prospect of quick riches. The SEC therefore warns consumers not to be blinded by advertising and to inform themselves in detail about cryptocurrencies before investing.