Why Elon Musk gets away with pumping Dogecoin but Kim Kardashian was fined $1.26 million: The laws around shilling crypto on social media.
Each month, our panel of crypto lawyers looks at the legal implications of some of the thorniest problems facing the industry in different jurisdictions around the world.
At their best, key opinion leaders (KOLs) and social media influencers play an important role in crypto, educating their followers and highlighting new trends and opportunities.
At worst, though, theyre paid shills taking large allocations of coins to promote projects without proper disclosures. Sometimes, they endorse memecoin scams and pump-and-dumps (wittingly or unwittingly).
So, is this legal? When you get conned by your favorite influencers posts into buying Shitcoin 2000 on the promise of a once-in-a-lifetime opportunity and then lose all your dough to a rug pull the next day, is there any legal recourse?
