The controversy Kim Kardashian, Floyd Mayweather, basketball player Paul Pierce are all under fire for using their platforms to promote the EthereumMax (EMAX) token. As stated in the class action complaint “This case arises from a scheme among various individuals in the cryptocurrency sector to misleadingly promote and sell the digital asset associated with EthereumMax (the EMAX Tokens) to unsuspecting investors.” The case essentially states that the defendants used their own influence as celebrities to artificially inflate the price of the token. From there, investors bought EMAX tokens at an inflated price. After this, supposedly the defendants involved then went and sold off their shares of the token, made a…
In the darkest corners of Crypto Twitter, on the r/WallStreetBets Reddit page, across a myriad of Telegram chats and in Discord messaging rooms, thousands of inexperienced investors were being sold a promise: buy at this time and riches will follow.