The Kim Kardashian Crypto Scam Explained

It appears that rug pulls in cryptocurrency markets are becoming increasingly more common, with even celebrities taking part in the action.

According to a class action lawsuit filed in the Central District of California, Kim Kardashian, Floyd Mayweather, and Paul Pierce are being accused of making misleading promotions over EthereumMax, an Ethereum cryptocurrency knockoff that investors purchased between May 14, 2021 and June 27, 2021. The complaint alleges that the defendants made false claims to their fans and followers in an effort to persuade them to buy into the cryptocurrency platform, which the accused then exited with significant gains once the tokens rose in value.

Once the celebrities took off with their earnings, the investors were left with an almost-worthless token and substantial financial losses, since no lockup period existed that would restrict the promoters from selling the tokens they received in exchange for their advertising activities. As per the suit, EthereumMax jumped by more than 1,370% after Kardashian promoted the token to her some ~251 million Instagram followers. Shortly after, though, the token plummeted over 98%, without ever recovering.


Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

C3.ai Stock Gets Hit With A Short Report

Generative AI is going to be a really hot sector. The way the stock market...

Monday, April 10, 2023, 01:30:00 PM

Tucker Carlson’s Farewell to Fox News: A Retrospective

Picture this: a man walks into a newsroom and quickly becomes the face of a...

Wednesday, April 26, 2023, 01:30:00 PM

Peter Schiff Scoffs At SEC For Going After Kim Kardashian And Not “Real Pumpers” Michael Saylor And CNBC

Economist and perennial Bitcoin critic Peter Schiff called out the US Securities and Exchange Commission...

Monday, October 3, 2022, 12:42:00 PM

Bud Light Backlash: A Deep Dive Into The Dylan Mulvaney Saga

Ah, the ever-evolving landscape of advertising. It seems like just yesterday beer ads were all...

Saturday, April 15, 2023, 11:20:00 AM

Jeffrey Christian: No, The World Isn’t Moving Away From The Dollar

Joining SmallCapSteve today is Jeffrey Christian, founder & managing director of the CPM Group. In...

Tuesday, March 28, 2023, 01:30:00 PM