Lindsay Lohan (left) and Jake Paul (right) — © AFP
The SEC has charged eight celebrities with illegally promoting cryptocurrencies on social media. The most famous names: actress Lindsay Lohan, YouTube figure Jake Paul, and singer Akon.
jvhBron: VRT NWS
Thursday, March 23, 2023 at 8:50 AM
The eight – also including porn actress Kendra Lust, singers Austin Mahone and Ne-Yo, and rappers Lil Yachty and Soulja Boy – advertised the TRX and BTT crypto coins on their social media channels, without (as required) making it clear that they were paid for it.
Six of the eight celebrities have now reached a settlement with the SEC, worth a total of almost 370,000 euros. Lohan would have paid 36,000 euros to settle the matter, Paul had to cough up 90,000 euros. Only Mahone and Soulja Boy have not yet reached a settlement, for the time being it is not clear why.
The SEC emphasizes in a press release that “certain products may not be suitable for all investors”.
