The matter seems serious because they have been accused of being involved in the fraud. They promoted Ethereum Max (EMAX) cryptocurrencies in order to artificially raise its price and deceived Internet users. A lawsuit against them was filed on January 7 in a court in Los Angeles – Ryan Huegerich, a resident of New York.
The Kardashian was the most influential
Kim Kardashian started promoting Ethereum Max last June. The celebrity in an Instagram post on June 21 last year asked her fans “if they are in crypto” and explained why entering Ethereum Max is a good idea.
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“Company executives, working with several celebrity promoters, have made false or misleading statements about EthereumMax through social media advertising and other promotional activities,” we read in the lawsuit, which quotes “Kicker.”
Kardashian, whose Instagram account has over 270 million followers, was to have the greatest impact on raising the price of Ethereum Max. After a period of intense promotion, the price of Ethereum Max rose by more than 1,000 percent. Mayweather promoted EthereumMax on his boxer shorts, incl. in the hit fight with YouTube star – Logan Paul.
Shortly thereafter, a massive course collapse came. In the meantime, the stars promoting the cryptocurrency sold their EMAX virtual goods (tokens). As a result, they made a fortune.
Floyd Mayweather Jr. five years ago had a similar problem. Back then, he promoted illegal ICO offers (a method of raising capital in the form of cryptocurrencies or tokens to finance a venture, most often a startup type). He was then punished and had to pay a fine of 600,000 dollars.
EMAX is one of the fastest growing altcoins on the market. The project appropriated the traditional Ethereum logo to make it popular.