Former NBA player Paul Pierce charged by SEC for touting EthereumMax
Pierce reached a settlement with the SEC and agreed to pay $1.409 million in penalties, disgorgement and interest. According to the allegations, Pierce did not disclose that he received more than $244,000 worth of EthereumMax for promoting the token on Twitter.
Paul Pierce will no longer have to promote any crypto asset securities for at least three years. In addition to the former basketball player, socialite Kim Kardashian and boxer Floyd Mayweather also got into trouble. In October 2022, Kim Kardashian has agreed to pay more than $ 1 million to close a SEC filing against her for EthereuMax promo. This is just one of the latest steps taken by the SEC. A few days ago, the government commission charged Terra’s founder Do Kwon for securities fraud.
According to the latest news, Do Kwon would have moved more than 10,000 Bitcoin off his platform and converted them into cash through a Swiss bank.
Ten days ago, SEC charged Kraken exchange for the unregistered offer & sale of securities through its staking program.
The video of SEC Chair Gary Gensler is dedicated to the problems surrounding staking, and in particular to the one concerning the offer of investment contracts by exchanges.
The measure caused Kraken to stop offering staking services to US clients, as well as pay $30 million in disgorgement, prejudgment interest, and civil penalties.
The SEC also wants to sue Paxos for violating investor protection laws. The lawsuit concerns BUSD.
Disclaimer: I am not aware of any third party rights on the images used. I undertake to cite the source if there are any and to adjust the position if requested.
Disclaimer: Trading cryptocurrencies carries a high level of risk and may not be suitable for all investors. Before deciding to trade cryptocurrency you should carefully consider your investment objectives and your level of experience. Do Your Own Research. All opinions expressed here are owned by the respective writer and should never be considered as financial advice in any form.
ABOUT THE AUTHOR