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Jake Paul fined over $400,000 by US SEC for “illegal” crypto promotion

Mar 24, 2023 · 1 min read · 167 points
Jake Paul fined over $400,000 by US SEC for “illegal” crypto promotion
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YouTuber Jake Paul is among seven others that have been charged by the US SEC for not disclosing compensation for crypto promotion.

Highlights

  • Jake Paul is among seven celebrities charged by the US SEC for “illegally touting” cryptocurrency on his platform.
  • Jake Paul and seven others charged for not disclosing compensation for crypto promotion.
  • The others listed include Soulja Boy, Lil Yachty, Ne-Yo, Akon, and Lindsay Lohan.
  • This news comes just two months after his older brother Logan Paul agreed to refund $1.3M to investors of his CryptoZoo project.
  • The SEC claims that the Tronix and BitTorrent tokens were offered and sold illegally and that Sun fraudulently manipulated the market to make the tokens appear as actively traded — despite no change of ownership in various sales
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