Influencer Kim Kardashian and legendary boxer Floyd Mayweather are being sued by displeased investor for allegedly misleading promotion of EthereumMax. EthereumMax (EMAX) disputed those allegations, but the lawsuit has already been filed in a Los Angeles federal court.
Despite its name, EthereumMax actually has nothing to do with the Ethereum cryptocurrency, which is already a red flag. EMAX is a token that is built on the same blockchain technology, and like many of its ilk, ended up as a pump and dump scheme. After a massive surge in the beginning of June there was a massive surge, and then the token, unsurprisingly, lost some 98% of its value over the course of just a few hours.
According to the newly filed lawsuit, the company’s executives in collaboration with a few celebrity promoters, deceived the public through social media. In June Kim Kardashian had an Instagram post promoting EMAX saying “Are you guys in crypto?”
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What baffles me, personally, is why people would take crypto advice from either of these people, neither of whom are known to have any kind of education on the matter. I will never understand that mentality.
Despite its name, EthereumMax actually has nothing to do with the Ethereum cryptocurrency, which is already a red flag. EMAX is a token that is built on the same blockchain technology, and like many of its ilk, ended up as a pump and dump scheme. After a massive surge in the beginning of June there was a massive surge, and then the token, unsurprisingly, lost some 98% of its value over the course of just a few hours.
According to the newly filed lawsuit, the company’s executives in collaboration with a few celebrity promoters, deceived the public through social media. In June Kim Kardashian had an Instagram post promoting EMAX saying “Are you guys in crypto?”
Source
What baffles me, personally, is why people would take crypto advice from either of these people, neither of whom are known to have any kind of education on the matter. I will never understand that mentality.