Lil Yachty and Soulja Boy are among celebrities facing charges after being accused of promoting crypto assets, without disclosing that they were paid to do so.The action was taken following an ongoing investigation into crypto company owner, Justin Sun – launched by the Securities And Exchange Commission.
Here, eight celebrities were found to be illegally boosting crypto assets, without disclosing payment.“While we’re neutral about the technologies at issue, we’re anything but neutral when it comes to investor protection,” said director of the SEC’s Division Of Enforcement, Gurbir S.
Grewal. “As alleged in the complaint, Sun and others used an age-old playbook to mislead and harm investors by first offering securities without complying with registration and disclosure requirements and then manipulating the market for those very securities.”He continued, explaining how those charged misled fans: “Sun paid celebrities with millions of social media followers to tout the unregistered offerings, while specifically directing that they not disclose their compensation.
This is the very conduct that the federal securities laws were designed to protect against.”The eight celebrities charged include musicians DeAndre Cortez Way (Soulja Boy), Miles Parks McCollum (Lil Yachty), Austin Mahone, Shaffer Smith (Ne-Yo), and Aliaune Thiam (Akon).
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