Kim Kardashian may trick consumers into the “cryptobubble with delusions of quick riches.”
The U.K.’s financial regulator Charles Randell, called for regulators to have greater power in protecting consumers. He said that if you buy speculative crypto tokens “you should be prepared to lose all your money.”
He turned to Kardashian’s recent plug: “When she was recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by ‘joining the Ethereum Max Community,’ it may have been the financial promotion with the single biggest audience reach in history.”