EthereumMax on trial, with celebrities like Kim Kardashian

I know that it may give the feeling that I like to give bad news in relation to cryptocurrencies, but the case of EthereumMax seems quite paradigmatic to me, and not only for investors, but also for people who may have other interests. And it is that a fraud (presumed, for the moment) is a fraud, it is committed around a millennial activity or a new technological proposal that we have only known for a few years.

It also happens that we see schemes of fraudulent movements that adapt to the sign of the times, and that in all cases deception is the face that hides the most diverse operations. From selling the Eiffel Tower to a scrap dealer or a property title to the Moon or the Sun to an unsuspecting dreamer, to manipulating public opinion to modify the perception of many about a particular investment (as we live well in Spain with Afinsa and Forum Philatelic), it is always necessary for someone to face, be it intentionally or unconsciously.

And this is what has happened to celebrities like Kim Kardashian, Floyd Mayweather Jr. and Paul Pierce, who will have to sit on the bench for the public significance of your actions in relation to EthereumMax, a cryptocurrency that, despite what it pretends to appear with its name, has no more relationship with Ethereum than that both are cryptocurrencies. In the judicial process, the creators of EthereumMax will also have to sit on the bench.

The case, which has its origin in a lawsuit filed by a group of investors, states that the creators of EthereumMax resorted to a scheme Pump and dump, consisting of artificially increasing the value of any investment good based on false or manipulated information about it, and taking advantage of the peak of its popularity and price to sell them, thus obtaining a huge profit, which will be paid by the unwary who have attended lured by such false information, and they will suffer the consequences of the price drop.

The lawsuit, filed in the Central District Court of California, alleges that “company executives, in collaboration with several famous promoters” they made “False or misleading statements to investors about EthereumMax, through advertisements on social media«, As we can read in Yahoo! Finance. «In simple terms, the entire EthereumMax business model relies on the use of constant marketing and promotional activities, often by ‘trusted’ celebrities, to mislead potential investors into trusting financial opportunities.«, We also read.

Apparently the three celebrities would have actively promoted investment in EthereumMax among their followers. In the case of Kardashian, he would have identified the message in which he promoted the cryptocurrency as an advertisement, although the content of the same would give the impression of being a personal message, with the text «This is not financial advice, rather I share what my friends tell me about EthereumMax«. A text that, with the current perspective, seems millimetrically calculated before the possible need to avoid responsibilities a posteriori.

Be that as it may, the case of Kim Kardashian with EthereumMax is no exception, more and more celebrities have chosen to become the face of cryptocurrencies, NFTs and derivatives. A few days ago, with the sarcasm that characterizes him, the content creator BaityBait (one of my favorites today) published a thread on Twitter in relation to this trend. A thread that expresses exactly what I myself think:

Perhaps this should serve as a double warning.. On the one hand, for investors, who must stop falling into the trap of reliably linking celebrities, as we have already had many signs, in the past, that such a relationship does not always exist. And on the other hand, also precisely for these celebrities, since a wrong step taken when choosing which products and services to promote can not only go against their image, but can even lead them to sit on the bench.

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