Akon, Lil Yachty, Ne-Yo, Jake Paul & others were charged by the Securities & exchange commission for illegally promoting cryptocurrencies.
Cryptocurrency can be a lot of things when used safely and correctly. You can use it to pay for everyday items and goods or use it to invest. One important part of how you decide to use it is knowing the basics of crypto. Just like people scam your credit card info people are always looking to scam in the cryptocurrency world as well. Crypto has a huge grey area and it has allowed scammers to run wild and even the uneducated are used to scam others. With influencer marketing being as simple as paying a celebrities fee to promote scammers have run wild with this method.
According to TMZ, regardless if celebrities are aware of the scams the Securities and Exchange Commission is holding them accountable. Yesterday the SEC announced new charges against Akon, Ne-Yo, Soulja Boy, Jake Paul, Lil Yachty, Lindsay Lohan, and other influencers. Basically, the alleged crimes are illegally promoting crypto without disclosing they were being paid to advertise. Altogether the celebrities in the latest crypto-related charges agreed to pay $400k to settle except Soulja Boy. This is the second set of charges brought against Soulja Boy in a year. Another Crypto entrepreneur, Justin Sun is reportedly being charged as well. Sun is accused of allegedly scheming to have celebrities promote his cryptocurrencies without disclosing they were paid.
— Lindsay Lohan (@lindsaylohan) February 11, 2021