The US Securities and Exchange Commission (SEC) has charged eight celebrities, including actor Lindsay Lohan and adult performer Kendra Lust, for promoting cryptocurrencies without disclosing that they were paid to do so or the amount they were compensated.
The SEC’s charges are part of a larger investigation into cryptocurrency entrepreneur Justin Sun and his companies behind Tronix and BitTorrent. Sun and his firms are accused of market manipulation and paying celebrities to promote their cryptocurrencies without disclosing the payments. The other celebrities named in the release include Akon, Ne-Yo, Lil Yachty, Austin Mahone, Soulja Boy, and influencer Jake Paul. The SEC states that all of the celebrities, except Soulja Boy and Mahone, have agreed to pay more than $400,000 in total to settle the charges without admitting guilt or innocence.
Lohan, who has over 8 million followers on Twitter, was an early adopter of cryptocurrencies, promoting Bitcoin and NFTs on her social media. Last year, Motherboard reported that Lohan's name appeared on a spreadsheet of influencers paid to promote cryptocurrencies, with Lohan reportedly commanding $25,000 for a single tweet. However, according to the SEC charging document, Lohan was paid only $10,000 to promote TRX on Twitter in February 2021. When contacted for comment, Lohan's publicist said that Lohan was unaware of the disclosure requirement and agreed to pay a fine to resolve the matter.
Kendra Lust, a former nurse who began her career in the adult entertainment industry at the age of 33, is widely recognized as a performer specializing in the "MILF" genre. Recently, the SEC filed a charging document claiming that Lust was compensated $955 to endorse TRX on her Twitter account in February 2021. Lust allegedly shared with her 1.5 million followers that "$TRX is the way to go" due to its fast, inexpensive, and alluring qualities, even receiving an endorsement from popular adult website PornHub. The document further alleges that Tron, the company responsible for TRX, provided Lust with specific wording to use in the tweet but did not disclose that she was receiving payment for promoting the cryptocurrency. At the time of this writing, representatives for both Sun and Lust have not issued any official statements regarding the matter.
{{/usCountry}}Kendra Lust, a former nurse who began her career in the adult entertainment industry at the age of 33, is widely recognized as a performer specializing in the "MILF" genre. Recently, the SEC filed a charging document claiming that Lust was compensated $955 to endorse TRX on her Twitter account in February 2021. Lust allegedly shared with her 1.5 million followers that "$TRX is the way to go" due to its fast, inexpensive, and alluring qualities, even receiving an endorsement from popular adult website PornHub. The document further alleges that Tron, the company responsible for TRX, provided Lust with specific wording to use in the tweet but did not disclose that she was receiving payment for promoting the cryptocurrency. At the time of this writing, representatives for both Sun and Lust have not issued any official statements regarding the matter.
{{/usCountry}}Lindsay began her career as a child model and actor, appearing in commercials and television shows before gaining international recognition for her starring role in the Disney movie The Parent Trap in 1998. She went on to star in several successful movies such as Freaky Friday, Mean Girls, and Herbie: Fully Loaded.
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