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American TV star Kim Kardashian posted a paid ad for the Ethereum Max cryptocurrency token on Instagram a few months ago and the head of the UK Financial Conduct Authority (FCA) Charles Randall issued a warning about the risks of buying crypto-assets promoted by influencers on social media, saying that people, those who do not understand the risks, buy digital currencies for fear of missing out, Mirror reported.

As part of his recent speech at the Cambridge International Symposium on Economic Crime, Randall also noted that he cannot reliably announce that EthereumMax is a scam. However, this does not change the fact that among cybercriminals, buying ads from social media influencers is a common practice, which in many cases leads to the fact that criminals simply leave investors without money.

Some influencers are promoting coins that, as it turns out, simply do not exist, he added.

Charles Randall, in turn, has lashed out at search engines and social networks for approving the publication of advertising content that could lead to investors losing their savings. Only Google received praise, which, according to the head of the FCA, agreed to block ads, which was not approved by a company authorized by the UK Financial Conduct Authority.

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