Crypto: Kim Kardashian and several other celebrities accused of EthereumMax scam

Several celebrities, including social media star Kim Kardashian, are accused of scamming their followers by promoting a fading cryptocurrency

A class-action lawsuit was launched a few days ago against social networking star Kim Kardashian, boxer Floyd Mayweather, and basketball player Paul Pierce. The three celebrities, along with several other unnamed defendants, are now suspected of defrauding their subscribers, promoting EthereumMax, crypto with the air of a giant scam.

Practically speaking, the accused personalities are accused in the complaint reported by the Wall Street Journal of having praised the merits of EthereumMax, a non-fiat currency modeled on Ethereum. After several messages of praise last May, the price of Emax quickly exploded (+632%), before finally crashing a few days later. The plaintiffs now accuse the influencers of deliberately orchestrating the explosion of the cryptocurrency's price by encouraging their community to invest. All with the aim of reselling their own assets at a golden price, thanks to what is called the "pump and dump" technique.

In June, there is a clear peak in the price of Emax - © Coinecko

Driving up a stock price to serve one's personal interests is an illegal practice. Last year, amateur traders had already paid the price, trying to put the giant Wall Street to shame. In the cryptocurrency sector, it is Elon Musk who is regularly called to order by regulators for his messages calling on Internet users to invest (or not) in a particular currency.

Since its explosion last June, the price of the Emax has fallen by 98%. For their part, Kim Kardashian, Floyd Mayweather, and Paul Pierce did not wait for the crisis to resell their assets, reports the complaint, which is based on the activities recorded on their wallet. Let's remember that the world of crypto-currencies may be booming, but any investment involves risks, especially on such volatile and unstable currencies. Last summer in France, the DGCCRF fined Nabilla Benattia-Vergara 20,000 euros for promoting the merits of Bitcoin, without informing Internet users that it was a paid advertisement.