Videos by OutKick
Paul Pierce is one of many celebrities that jumped head first into the crypto game, but may be regretting that decision these days. The former NBA star is due to pay over $1.4 million after illegally promoting a certain crypto token.
According to the Securities and Exchange Commission (SEC), Pierce promoted a crypto sold by EthereumMax on social media but did so without disclosing that he was being paid to do so.
Pierce has agreed to pay $1.1 million in fines plus another $240,000 of ill-gotten gains plus interest, according to the New York Post.
The SEC is very clearly not making an exception for celebrities and athletes when it comes to the promotion of crypto.
“This case is yet another reminder to celebrities: The law requires you to disclose to the public from whom and how much you are getting paid to promote investment in securities, and you can’t lie to investors when you tout a security,” SEC Chairman Gary Gensler said in a statement.
Pierce’s $1.4 million fine is just a drop in the bucket that is the crypto collapse over the last few months with the FTX debacle dominating worldwide news.
Tom Brady knows a thing or two about being burned in the NFT/crypto space as well.
Brady, like other big-time celebs, purchased a Bored Ape NFT in 2022. He spent 133 ether on the ape in April, which amounted to around $430,000 at the time. Four months later that 133 ether was valued at around $235,000.
Today, 133 ether is worth just over $225,000.
One CommentLeave a Reply
Pierce made $200 million as a player. His net worth is north of $70 million. Without wondering where he spent $130 million, he will do just fin financially.