Celebrities, including Kim Kardashian, who promoted Ethereum Max (EMAX) are finding themselves in hot water as a class action lawsuit has been filed. Ryan Huegerich, a New York resident, is suiting the celebrities.
The aggrieved investor alleged that the celebrities colluded with EMAX co-founders Steve Gentile and Giovanni Perone to hike the price and let it fall. Although the name is common, EMAX is not to be confused with Ethereum (ETH) and Ethereum Classic (ETC). EMAX is an ERC-20 token, which is built on the ethereum platform – but is not ethereum.
Huegerich, in the lawsuit, claims EMAX to be worthless. He said that because of favorable tokenomics, defendants marketed the prospects of the company and EMAX’s significant returns. He highlighted that the endorsers, in fact, advertised the EMAX tokens to investors in order to gain profits.
On May 31, 2021, Ethereum Max peaked at a price of $0.000000597636 and fell more than 80% in just 11 days. Presently, as per Coinbase, Ethereum Max has fallen by 9.25% in the past seven days, but its price has increased by 8.38% in the last 24-hours. However, the cryptocurrency is 100% below the all-time high.
The cryptocurrency became mainstream in 2021 thanks to the influencer world. Reports highlighted that despite being new in the market, Ethereum Max caught celebrity endorsements. Celebrity and social media influencer, Kim Kardashian posted its bits on her Instagram with hashtags #EMAX and #DISRUPTHISTORY.
Paul Pierce, former Boston Celtics forward, has also tweeted several times about this coin. And so has a boxer, Floyd Mayweather. He was jeered for wearing an EthereumMax t-shirt.
