2023-06-02 15:38:28
The former head of the US stock exchange watchdog, the SEC, warned that he could be prosecuted for the manipulation of the price of cryptocurrencies. Which has already started, from Sabo to Kardashian.
The US Securities and Exchange Commission (SEC) is going after cryptocurrency influencers who promoted scam projects who were found to be manipulating the price of certain tokens via social media. Former SEC chief John Reed Stark on Twitter warned them, to prepare for criminal proceedings. In his tweet, Stark named social media influencers who promoted many crypto projects and often helped them manipulate market prices during bull markets.
Dizzy praise
He warned that the same anti-fraud rules apply to any form of price manipulation – whether it’s listed securities, penny stocks or cryptoassets – and that the days of social media crypto-influencers are numbered.
The former SEC chief drew attention to the brazen and arrogant way in which so many influential social media personalities con their victims. Most shilling and price manipulation is done through platforms like Twitter, Discord, Instagram or Reddit. Stark noted that the nature of investment fraud makes it easier to detect and prosecute than other forms of fraud.
The regulator and bughstarHe authorities just need to turn on their computer to discover it the marked burdensHe evidence row.
From Sabo to Kardashian
Stark is the infamous crypto influencer, Francis Sabo gave the example of a man accused of a hundred million dollar securities fraud case, who also used social media platforms to manipulate stock markets. But the most famous case The Kim Kardashianswho was fined $1.26 million for promoting a scam project.
Cryptoflu drugs are failing
Another major influencer who had to face the law, Bitboy Crypto, who caused great public outrage by promoting dubious projects. On March 31, the YouTuber was sued in a $1 billion lawsuit for promoting unregistered securities.
In November 2022, the SEC served several subpoenas to influenza a Hex (HEX)a Pulsechain (PLS) is in PulseX (PLSX) due to the promotion of tokens.
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