Lil Yachty, Soulja Boy, Akon, and Lindsey Lohan have been charged by the Securities Exchange Commission for promotion scheme. The SEC announced the charges against a mixed group of celebrities from actors, boxers, and rappers for allegedly not making it known they were getting paid to promote cryptocurrency.
Reported by Forbes, one method of promoting crypto was the use of Twitter. Lindsay Lohan wrote about how fast and easy using cryptocurrency was.
"Super Fast" and "0 Fee", Lindsay wrote. and Ne-Yo tweeted, "What's an ideal crypto bag?" None of the tweets disclose they are getting compensated for post.
The SEC also filed charges Wednesday against the owner of the crypto companies that paid the celebrities, Tron Foundation Limited and BitTorrent, Justin Sun, for allegedly manipulating the trading volume of crypto tokens TRX and BTT by directing employees to buy and sell the tokens through a process called wash trading.
Six of the eight celebrities listed have agreed to pay a total of more than $400,000 to settle the charges. Cortez Way, aka Souljia Boy and Austin Mahone have opted not to settle at this time.
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