Kim Kardashian faces flak for promoting untested crypto currency
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Kim Kardashian did not really make an informed choice as she volunteered to promote an untested crypto currency, facing slak from the head of UK's Financial Conduct Authority (FCA).
Kim Kardashian is facing flak for promoting Ethereum Max, a speculative digital token that experts feel is purely “speculative crypto tokens”.
UK's Financial Conduct Authority (FCA) Chairman, Charles Randell said that Kim Kardashian "asked her 250 million followers to speculate on crypto tokens" by promoting an advert for Ethereum Max.
He called it "a speculative digital token created a month before by unknown developers". He voiced these concerns during the Cambridge International Symposium on Economic Crime.
Randell added, "I can't say whether this particular token [Ethereum Max] 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. Some influencers promote coins that turn out simply not to exist at all.”
Randell said about 2.3 million Britons currently hold cryptocurrency and he said 14 per cent of them also use credit to purchase them - "thereby increasing the exposure to loss". "If you buy them, you should be prepared to lose all your money," he said.
Wonder what influencer and reality TV star Kim Kardashian has to say about this. Not an informed choice, much?