What is EthereumMax? – The Crypto That Got Kim Kardashian In Trouble With The SEC

Kim Kardashian has recently embroiled herself with the SEC, regarding the promotion of a cryptocurrency on her social media.

The SEC said Monday morning that the reality TV actress and influencer had settled SEC allegations that she failed to disclose a payment she received for promoting a cryptocurrency on her Instagram profile.

On Monday, the SEC accused Kardashian with failing to report a payment of $250,000 by EthereumMax, through an intermediary, to promote the EMAX tokens, to her 331 million Instagram followers.

For that reason, Kim had to pay a hefty fine of US1.26 million to the United States Securities and Exchange Commission.

What is EthereumMax?

Despite the name, EthereumMax has little to do with the original Ethereum.

EthereumMax was solely built on top of the Ethereum blockchain and is a standalone cryptocurrency. Meaning that EMAX is an altcoin that records sales and transactions on the Ethereum blockchain ledger.

According to its whitepaper, the cryptocurrency “aims to build a robust and scalable ecosystem that fully maximizes the power of defi.”

The value of EMAX is predicated on hype: as more people invest and promote like Kardashian, the price rises.

Tokens like EMAX are riskier investments since the token’s value may swiftly fall if buyers stop purchasing or selling.

Critics state that Kardashian allegedly promoted the token in order to artificially manipulate the price value, in a “pump and dump” kind of scheme.

These claims gain weight when you consider that, since Kardashian’s endorsement, EthereumMax has lost 95% of its value.

In June of 2021, the reality TV megastar posted on her Instagram the following:

“Are you into Crypto? This is not financial advice but sharing what my friends just told me about the EthereumMax token.”

After Kim’s promotion, other celebrities like the boxer Floyd Mayweather, and basketball player Paul Pierce also promoted the altcoin.

After these endorsements, EthereumMax saw a rise on the charts. However, since then the Altcoin has been steadily decreasing its value, today being worth just a fraction of a penny, sitting at US$0.000000007861.

EthereumMax Spike After Kardashian Controversy

Despite the “pump and dump” accusations, EthereumMax enjoyed somewhat of a “free promotion” after Kardashian’s case with the SEC was made public.

Since yesterday, after all the turmoil surrounding the cryptocurrency, EthereumMax went up by a whopping 110%.

However, the token is still miles ahead of even getting close to a cent. Right now, EMAX is trading at around $0.000000008385.

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