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Lindsay Lohan, Ne-Yo and Akon Coughed Up Thousands of Dollars after being Charged by US Authorities for Promoting Crypto Illegally

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A group of celebrities such as Lindsay Lohan, Ne-Yo, and Akon the singers were fined by the United States authorities for the illegal promotion of cryptocurrency.

On Wednesday 22 March, the United States SEC (Securities and Exchange Commission) filed a case against Justin Sun a Chines crypto entrepreneur for fraud. He was also accused together with eight other celebrities for illegally promoting Suns crypto assets.

The other eight celebrities involved in the fraud suit are singers Soulja Boy, and Austin Mahone, rapper Lil Yachty, Kendra Lust, the porn actress, and Jake Paul, boxer and social media star.

Apart from Mahone and Soulja Boy, the other celebrities involved in the case agreed to settle. However, they didn’t accept that they did anything wrong but collectively coughed up more than US$400, 000 (£32,452).

On the other hand Ms Lohan’s lawyer Andrew Brettler stated that it was only last March that the actress became aware of the disclosure requirements. According to her lawyer, Ms Lohan initially cooperated with the Securities and Exchange Commission’s investigation.

In addition, she agreed to spit out the little money she got and paid the fine in order to settle this issue.

Meanwhile, Sun and BitTorrent, Rainberry, and Tron Foundations his companies were charged for using crafty measures to inflate trading volume artificially and to distribute billions of cryptocurrency assets since August 2017.

Furthermore, Sun was accused of secretly paying celebrities so that they can promote his assets such as TRX (Tronix) and BTT (BitTorrent) on their social media accounts. Thus; misguiding the masses into believing that they have “impartial view of BTT and TRX and weren’t ordinary paid spokespersons”.

According to the US Securities and Exchange Commission’s findings, Sun’s transactions made tens of millions of dollars from illegal profit at the expense of the investors.

Other celebrities accused of using their social media influence to promote cryptocurrency illegally are; Kim Kardashian, the Hollywood star, and Floyd Mayweather Jr., the sports legend. They are accused of a cryptocurrency scam that is presently going on in the California Federal court.

In a statement made by the SEC’s Chairman, Gary Gensler, he said that investors should learn from this case. At least, it demonstrates to them how risky it is to them when cryptocurrency assets securities are offered and sold to them without adequate disclosure says Gensler.

Gensler went ahead to disclose that the commission has been making every effort to ensure that they “crack down the cryptocurrency industry which he called the Wild West”.

The commission’s efforts has increased since last year’s November after the fall of the crypto exchange FTX of Sam Bankman-Fried.

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