A British leader in finance is calling out Kim Kardashian after the Keeping Up With The Kardashians star recently promoted an untested form of cryptocurrency. Kim and her famous family are known for securing their wealth through paid postings and appearances in addition to running their own businesses. However, Kim's latest cash gab is up for debate in the UK due to it not being trusted throughout the crypto world. It's likely that Kim wasn't educated about any underlying issues prior to the posting, but Kim's fame often leads to her catching the most heat in the end.
After securing her billionaire status earlier in 2021, Kim can be choosy when selecting a company or initiative to promote. She has two businesses of her own to manage and promote all while helping her siblings grow their brands by posting them on her page. Meanwhile, Kim still finds ways to incorporate paid advertisements for outside companies into her social media platforms. Kim recently became a topic of conversation in Britain after she shared a promotional post for Ethereum Max. While this particular post was labeled as a sponsored post, the SKIMS founder still came under fire for not doing enough research into the company that she was promoting to her 250 million followers.
Earlier this month, Charles Randell, the head of the UK's Financial Conduct Authority (FCA), called out Kim for allegedly asking "her 250 million followers to speculate on crypto tokens" made by Ethereum Max, BBC reports. Specifically, Randell noted that Kim labeled the post as an ad but failed to disclose "that Ethereum Max - not to be confused with Ethereum - was a speculative digital token created a month before by unknown developers." While the FCA leader couldn't say for certain whether or not Ethereum Max was a scam, he said "social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation." Meaning, Ethereum Max could be a potential risk for a crypto investor, but seeing it promoted by such a big star could lead people to believe in its credibility.
Randell warned that cryptocurrency has only been around a few years, so investors have yet to see how they perform throughout a full market cycle. "If you buy them, you should be prepared to lose all your money," Randell warned. However, Kim's latest promotion of this growing industry makes her a target in attacks against cryptocurrency. Kim herself hasn't revealed whether or not she invests in crypto, but with her posting a paid ad for it, many of her followers could be led to believe that she has and could consider investing in it themselves. Kim's billion-dollar status means she can avoid the risk of losing all of her money should she invest in crypto, but the same can't be said for her more vulnerable followers.
The Kardashian-Jenners are often called out for promoting shady brands or practices online. They've been accused of promoting unsafe health and dieting fads despite not using the products themselves. Many accuse the Keeping Up With the Kardashians family of claiming to live healthy gym-filled lifestyles despite possibly going under the knife to obtain their perfect bodies. During the show's first and only reunion, Kim claimed the family doesn't promote unattainable beauty standards and instead they "work hard" for their figures. But her latest scandal in the crypto world shows how "hard" the family works to just get to their bottom line regardless of who might suffer from the risks.
Source: BBC