The cryptocurrency project Ethereum (EMAX) skyrocketed and received a lot of attention last year as a result of celebrities Kim Kardashian and Floyd Mayweather's influence and promotion actions
The creators of this cryptocurrency employed this scam technique. The Ethereum Max was identified as a pump-and-dumb technique.It increased the cost of the token while using these superstars' influence and fame to raise awareness of the program and attract more participants. The token's creators then grab all the money, leaving the buyers with useless tokens.
In the United States, a class action lawsuit has been filed against Kim Kardashian and all other celebrities and influencers due to their participation in the Ethereum Max fraud. Despite the influencers participating in the plan attempting to have the case dismissed, a lawsuit was initially filed in the month of January 2022.
Kim's legal team filed a motion to dismiss the charge of involvement in the pump-and-dumb scheme on the grounds that the complainant had made false statements about Kim's involvement in the Ethereum Max fraud. A report from the International Business Times(IBT) corroborated this.
Did Kim Kardashian Mislead Her Fans?
According to a report from IBT, the petition was filed in California on July 29. Kim's team refuted and contended that the petition was unfounded and that the complainant's ten allegations about Kim's involvement were unfounded. Kim, an influencer, uploaded a story on the Instagram app asking her followers whether they are familiar with cryptocurrency and who is involved in that plan. She also asked her followers to join the E-Max program, although she notes that this should not be interpreted as financial advice
.
Paul Pierce, a former basketball player, and Floyd Mayweather are two additional influencers who were involved in the EMAX plan. They promoted the cryptocurrency token.
EthereumMax was a little-known currency before they capitalized on the fame of celebrities and influencers like Floyd Mayweather.Floyd created a T-shirt for EMAX and wore it in June 2021 while attending a conference for Bitcoin maximalists, aiding in the promotion of the exchange. The EMAX uses several different altcoins, and the EMAX also utilizes Ethereum. According to CoinMarket, the price is currently only $0.000000004702
Kim Kardashian reportedly did not get any payment from the EMAX token, and she also did not receive payment for her Instagram post, according to claims made by Kim's attorney. The EMAX coin saw a large spike as a result of Kim's post on Instagram, which about 228 million followers saw in the month of May 2021, according to a report by Coingecko. The token's value has been completely destroyed due to the intense selling pressure it experienced. The motion and her involvement have not yet been decided by the court.
