Lindsay Lohan was fined for promoting crypto assets

Actress Lindsay Lohan has become the latest celebrity to be charged and fined by a US regulator for promoting crypto assets on social media without disclosing the sponsorship or compensation she received.

Lohan is part of a group of eight celebrities, including singer Austin Mahone, boxer Jake Paul, four rappers and a porn actress, accused of illegally promoting the crypto assets Tronix (TRX) and BitTorrent (BTT), the Securities and Exchange Commission announced. (SEC, in English).

Apart from the singer Mahone and one of the rappers –soul boy– the defendants agreed to pay more than 400 thousand dollars solve the case together without admitting or denying yours guilt.

Lindsay Lohan and other celebrities fined

The SEC indicates that between 2018 and 2019, Sun ordered its own employees make some 600,000 illegal transactions of TRX between two of his platforms for artificial volume creation.

And he sold that too cryptoactive on the secondary market without registering it, pocketing $31 million.

The demand The regulator claims that Sun and its companies offered and sold TRX and BTT as investment through pyramid schemes.

They directed stakeholders to promote crypto assets social networkswill create BitTorrent accounts in exchange for receiving more crypto assets and “recruit” others on Telegram and Discord channels.

SEC Chairman Gary Gensler, who has led others in recent months legal actions of this kind, he said the case is a new example of “the high risk investors face when crypto-asset securities are offered and sold without adequate transparency.”

Previously, the regulator imposed significant fines on two celebrities involved in the illegal promotion of the EMAX crypto asset:

kim kardashian he had to pay 1.26 million dollars and former NBA player Paul Pierce, $1.4 million.