"8 Celebrities Charged in Crypto Promotion Scheme: SEC Fines Influencers for Undisclosed Payments"
The Securities and Exchange Commission has charged a group of eight celebrities, including Lindsay Lohan, Jake Paul, and Soulja Boy, for illegally promoting crypto assets without disclosing compensation. Six of the stars agreed to pay settlements totaling $400,000. This adds to the growing list of famous people under scrutiny for promoting crypto without disclosing financial ties. Celebrities are not necessarily reliable sources for investment advice, especially if they are making undisclosed endorsements. Other celebrities who have faced charges or promoted crypto include Kim Kardashian, Floyd Mayweather, DJ Khaled, Larry David, Matt Damon, Reese Witherspoon, Paris Hilton, and Ben McKenzie.