A British financial regulator concerned about the lack of rules for online promotion of cryptocurrencies has called out celebrity influencer Kim Kardashian West's use of her Instagram account to pitch Ethereum Max to her followers.
Charles Randell, chair of the Financial Conduct Authority, said Kardashian was recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by "joining the Ethereum Max Community."
He noted Kardashian disclosed that the post was an ad, as required by Instagram's rules.
"But she didn't have to disclose that Ethereum Max – not to be confused with Ethereum – was a speculative digital token created a month before by unknown developers – one of hundreds of such tokens that fill the crypto-exchanges," Randell said in a speech Monday to the Cambridge International Symposium on Economic Crime, according to a transcript posted online.
Randell said he didn't know whether Ethereum Max was a scam. "But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation," Randell said. "Some influencers promote coins that turn out simply not to exist at all."
Email requests for comment were sent to Kardashian West's representative and Ethereum Max.
Until recently, digital currencies, like Bitcoin, have been left largely unregulated by major governments but recent comments by officials like Randell indicate they're now paying more attention.
Last month, Gary Gensler, the new chairman of the Securities and Exchange Commission, said investors need more protection in the cryptocurrency market, which he said was "rife with fraud, scams and abuse."
Randell said the Financial Conduct Authority had repeatedly warned about the risks of holding speculative tokens, which unlike mainstream investments aren't covered against loss by U.K. government compensation programs.
To help people avoid scams, Rendell says the authority publishes a list of unregistered crypto exchanges that it suspects are operating in the U.K.
He also said paid advertising, which is the main source of online investment scams, isn't covered by the U.K. government's upcoming online safety legislation but should be.
Actor Tony Todd, known for his role in “Candyman” and other films, dies at 69
Actor Tony Todd, known for his haunting portrayal of a killer in the horror film "Candyman" and roles in many other films and television shows, has died, his longtime manager confirmed. He was 69.
Todd died Wednesday at his home in the Los Angeles area, his manager Jeffrey Goldberg said in a statement to The Associated Press.
"I had the privilege to have Tony as my friend and client for over 30 years and I will miss that amazing man every single day," Goldberg said.
"Known worldwide for his towering presence, both physically and artistically, Tony leaves behind an indelible legacy in film, theater, and the hearts of those who had the honor of knowing him," Goldberg's management company said in announcing the death.
"We bid farewell to Tony Todd, a giant of cinema and a beloved soul whose impact on our lives and the world of film will never be forgotten," it said.
Todd's film resume included roles in award-winning movies such as the Oliver Stone-directed classic "Platoon," released in 1986.
Todd was also known for his role in the 2000 horror film "Final Destination" and its sequel in 2003. The film company New Line Cinema mourned Todd's death on social media over the weekend:
"The industry has lost a legend," the company said on Instagram. "We have lost a cherished friend. Rest in peace, Tony."
In "Candyman," released in 1992 and followed by a remake in 2021, Todd played a menacing killer who had a hook on one arm. The premise is built around an urban myth that Candyman roamed the Cabrini-Green housing projects in Chicago and could be summoned by saying his name five times in front of a mirror. The 2021 movie explores societal problems such as racism and police brutality.
Todd's television career... Read More