Lil Yachty News

Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do so. Lohan, Akon, recording artists Ne-Yo, and Lil Yachty, boxer and internet personality Jake Paul, and adult film performer Michele Mason all agreed to pay more than USD 400,000 combined in disgorgement, interest and penalties to settle the claims, the Securities and Exchange Commission said Wednesday. None admitted or denied the SEC's findings as part of the settlement. Two other celebrities named in the SEC's complaint, rapper Soulja Boy and pop singer Austin Mahone, did not reach a settlement with the SEC, the agency said. In response to a request for comment, Lohan's publicist Leslie Sloane said the actress was contacted in March 2022, was unaware of the disclosure requirement, and agreed to pay a fine to resolve the matter.

SafeMoon, a project previously endorsed by A-list celebrities and social influencers such as Jake Paul and Soulja Boy, announced its liquidity pool (LP) was compromised. Without revealing further details about the attack, SafeMoon confirmed undertaking steps “to resolve the issue as soon as possible.”

Nonfungible token (NFT) marketplaces transacted roughly $82 million in 2020 and a staggering $17.6 billion in 2021, indicating a rising demand and high user interest in NFTs. This meteoric rise of digital asset trading ranged from whimsical cartoon JPEGs to National Basketball Association trading cards, artwork, music and more. One such marketplace for collecting and trading NFTs is Nifty Gateway.

The US Securities and Exchange Commission has filed civil charges against eight celebrities, alleging they illegally promoted two cryptocurrencies without disclosing that they were paid to do so.

Educating oneself about the crypto ecosystem is crucial for investors to pursue during a bear market while awaiting a bull cycle. That being said, having a good understanding of crypto investment entails keeping an eye out for fraudulent projects that threaten to drain assets overnight, a.k.a. pump-and-dump schemes.

A new class-action lawsuit demands a jury trial against A-list celebrities and social influencers for their alleged participation in a classic pump and dump scheme relating to SafeMoon tokens.