Celebrity Kim Kardashian , ex-boxer Floyd Mayweather and former basketball player Paul Pierce have been Sued for promoting a cryptocurrency called EthereumMax . This is based on the network of Ethereum , one of the top five in the cryptocurrency ecosystem, as indicated in its Web page.
The plaintiffs claim that the aforementioned celebrities, together with the entities or people behind them token , caused an artificial rise in the cryptocurrency in mid-2021 to later sell their tokens and obtain benefits from them.
“After launch of the EMAX token and the defendants’ promotional activities in May 2021, the trading volume and price of EthereumMax increased. On May 30, EMAX already had a transaction volume of more than $ 100 million, down 632% more in just two manas “, collects demand against Kim Kardashian, Floyd Mayweather and Paul Pierce. “The day before it reached its maximum price of $ 0.000000863, which represented a rise of 1.370% compared to its initial price of $ 0.00000005875,” it continues.
The promotions of Floyd Mayweather, Paul Pierce and Kim Kardashian had a high reach. Financial services company Morning Consult analyzed the impact of celebrities on cryptocurrency investments and found the following from Kim Kardashian’s post on EthereumMax:
- Up to 21% of all American adults and nearly half of all cryptocurrency holders had seen this ad.
According demand, about two months after the start of these promotions, the cryptocurrency bottomed out . The value of EthereumMax on July 15 was $ 0.000000017. A figure that contrasts with the 0.000000863 dollars of its maximum price.
“The improper promotional activities of the defendant promoters generated the necessary trading volume for all the defendants to sell their EMAX tokens to unsuspecting investors,” read the lawsuit against Kim Kardashian, Floyd Mayweather and Paul Pierce. “While the plaintiffs were buying the improperly promoted EMAX tokens, the defendants were able to sell, and did sell, their EMAX tokens during the relevant period for substantial profit.”
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