The eight stars have millions of followers on their social media and are said to have promoted the coins TRX and BTT, but failed to mention that they were paid for spreading a positive message. In the US, social media users are required by law to disclose how much they earn from the promotion of investments.
Lindsay Lohan has meanwhile paid 36,000 euros to settle the matter, Jake Paul coughed up 90,000 euros. Only Soulja Boy and Austin Mahone have not reached a settlement with the authorities. Why is not clear at the moment.
In the past, Hollywood actors Reese Whiterspoon, Matt Damon, Mila Kunis and Gwyneth Paltrow, as well as sports greats Tom Brady and Naomi Osaka, have ventured into promoting cryptocurrencies. Reality star and businesswoman Kim Kardashian was even fined more than 1 million euros for it.
