US celebrities charged with illegal crypto advertising

This article was last updated on March 23, 2023

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US celebrities charged with illegal crypto advertising

Several US celebrities have been accused of illegally promoting two cryptocurrencies without disclosing their payments for the advertisements. The accused include Lindsay Lohan, Jake Paul, Ne-Yo, Lil Yachty, Akon, and Kendra Lust, who have collectively agreed to settle for over $400,000.

Jake Paul had to pay the highest amount, over $100,000. Soulja Boy and Austin Mahone have not yet settled with the SEC. Justin Sun, the investor behind TRX and BTT coins, has been charged with fraud for wash trading.

This is not the first instance of celebrities promoting cryptocurrencies without disclosing payment, with Matt Damon, Reese Witherspoon, Tom Brady, Kim Kardashian, and Steven Seagal facing similar accusations in recent years.