Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day – Bitcoin News

Kim Kardashian, a socialite and entrepreneur was charged by the U.S. Securities and Exchange Commission for illegally marketing the crypto asset Ethereummax. The cryptocurrency saw an increase of 124%. The ethereummax pumps were followed by an enormous dump, as cryptocurrency fell 47% from its October 3 peak.

EMAX Token Markets Wake Up From Lifeless Slumber After Kardashian’s SEC Charges Go Public

After having been quite lifeless for a while, crypto asset ethereummax was able to see a temporary spike after Kim Kardashian was charged by the SEC. Although Kardashian had to pay $1.26million in fines, her crypto asset that she promoted in June 2021 soared 124% against the U.S. Dollar. The ethereummax pump (EMAX), which lasted into the morning on Tuesday October 4th, was broken by Kardashian. However, EMAX prices began to fall at 7:10 a.m. ET that day.

From the coin’s high of $0.000000009788 it dropped more than 47% during the day on October 4. The EMAX may be slightly higher than before the pump but most of Tuesday’s gains were erased. Although, it is still 18.7% higher in USD value since Monday’s low before the pump. EMAX trade volume remains low as the trades in the past 24 hours equated to $97.847. A significant portion of EMAX traded on UniswapV2. A significant portion of EMAX transactions are traded with wrapped ethereum, WETH and EMAX volume is also available on Hotbit or Bitforex.

Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day

The total amount of coins is two quadrillion, however the actual number of EMAX tokens is not known. EMAX is trading today for prices that are 99.1% less than the token’s all-time high recorded on May 31, 2021. EMAX reached $0.00000059763636 per unit at that time. Ever since that day last year, EMAX’s value has been super low all the way up until Kardashian’s charges were announced by SEC Chair Gary Gensler.

Kardashian promoted EMAX along with Floyd Mayweather, a professional boxer and Paul Pierce (ex-Boston Celtics forward). Even though DJ Khaled and Floyd Mayweather were both fined by SEC for illegal initial coin offerings (ICO) promotion, Mayweather was still involved in the EMAX marketing.

Mayweather was booed by the crowd at Miami’s Bitcoin 2021 conference wearing an EMAX tshirt. NBA Hall-of-Fame icon Pierce expressed his admiration for EMAX following his firing by ESPN after sharing a live clip of him performing with exotic dancers. Pierce was fired in April by ESPN. A month later Pierce became a member of the EMAX Hall-of Fame. tweeted:

[ESPN] I don’t need you. I have. [Ethereummax]. I made more money with this crypto in the past month then I did with y’all in a year. TRUTH shall set u Free — My own boss., check it out.

In a class action lawsuit, Kardashian was not only charged with the SEC offenses but the celebrities were also accused of aiding EMAX to pump and dump. The class-action explained that Mayweather, Pierce, and Kardashian allegedly “misled consumers who invested in ethereummax (EMAX) cryptocurrency” tokens amid a roughly month-long “pump and dump” scheme.

The class action lawsuit also names EMAX executives Giovanni Perone and Steve Gentile. Also, Justin French, EMAX developer, was named. The 25-page lawsuit said that the celebrities leveraged their large social media followings to “instill trust” with investors. The coin is held by 110,049 distinct addresses, which at the time of writing hold EMAX. It has also been transferred 480.893 times since it was launched.

In this story, tags
$1.26million, ad., advertisement. Anti-touting laws. Boston Celtics. Celebrities. Celebs.

Do you have any thoughts on the EMAX pump/dump that occurred after Kardashian was charged by the SEC? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 6000 articles to News since September 2015. These articles are about disruptive protocols that are emerging.

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