Lindsay Lohan, the influencer Jake Paul and the porn actress Kendra Lust, fined for promoting cryptocurrencies in a misleading way

Actress Lindsay Lohan is on the list of celebrities who have misleadingly advertised cryptocurrencies.Reuters

The actress Lindsey Lohan, the

Jake Paul and the rapper Soulja Boy are some of the eight celebrities who have been sued this Wednesday by the financial regulator after having promoted the TRX and BTT cryptocurrencies without having revealed that they were paid for it.

The Securities and Exchange Commission of the United States, the SEC for its acronym in English, has announced that six of the celebrities have agreed to pay fines totaling $ 400,000 to prevent the lawsuit from advancing in court.

It is the latest case in the authorities' crusade to defend investors from misleading advertising linked to cyber currencies.

“bitcoin to the moon”.

With this short message posted on Twitter in February 2021, Lohan promoted herself as a passionate believer in cryptocurrency.

That was a message of enthusiasm before her eight million followers of her on her social network account.

This text was followed by several more.

In another she elaborated on the supposed advantages of the altcoin.

"It's the future happening now," Lohan, 36, wrote when she was trying to promote the auction of an NFT of her own.

Shortly after, the interpreter of

assured that she was exploring the TRX currency, promoted by the controversial businessman Justin Sun.

“Super fast and with 0 commissions,” she added.

Exploring #DeFi and already liking $JST, $SUN on $TRX.

Super fast and 0 fee.

Good job @justinsuntron

— Lindsay Lohan (@lindsaylohan) February 11, 2021

The legal action of the SEC indicates that in reality Lohan, in addition to the other celebrities indicated (singers Austin Mahone and Ne-Yo, rappers Lil Yachty and Akon, as well as porn actress Kendra Lust), received a payment of 10,000 dollars to promote the cryptocurrency among their followers on different platforms.

The actress must return the amount to the regulator, in addition to covering a fine of 30,000 dollars for not having revealed that she was part of an advertising campaign.

In recent months, the regulator has taken similar legal action against Kim Kardashian, musician DJ Khaled, and athletes Paul Pierce and Floyd Mayweather.

The influencer and the boxer promoted EthereumMax causing its price to rise, but the price crashed shortly after.

In the case pursued by the SEC in Manhattan, which argues that it can intervene because cryptocurrencies are investment instruments, there is another character at the center of the plot.

This is Justin Sun, a Chinese businessman who helped increase the volume of transactions of the TRX and BTT currencies.

According to the authorities, Sun employees raised the price of cryptocurrencies in 2018 and 2019 by selling and buying them themselves.

In July 2019, Sun delivered another surprise when it postponed a lunch with billionaire Warren Buffet for which it had offered $4.6 million in a charity auction.

Through the networks, a company owned by Sun announced that the businessman suffered from kidney stones, forcing him to move his food with the oracle of Omaha, which was to take place two days later.

Sun has since faced allegations from Beijing that he was involved in illegal activities.

The SEC now considers him the mastermind behind a fraudulent scheme.

The Tron Limited Foundation, one of the companies owned by Sun, which was founded in 2014, paid Jake Paul more than $25,000 in bitcoin for promoting the currency.

Paul, 26, is an internet celebrity who has recently become a professional boxer.

Paul has accepted the agreement offered by the SEC, which includes the return of his profits and a fine of $75,000.

All the celebrities have accepted the agreement offered by the SEC with the exception of the musicians Soulja Boy and Mahone.

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