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Agreed to pay the SEC $1.26 million to settle the charges against her for shilling EMAX. You are about to leave CryptoSlate in order to visit a cryptocurrency or ICO website. This link is provided solely for informational purposes and is not an endorsement in any way. We recommend that you exercise extreme caution and consult a registered investment advisor before taking any action.
Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation. “Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.” The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period.
EthereumMax launched on May 14, 2021 but the whitepaper was not released until October 2021. The whitepaper states that marketing strategy and managing relationships are what the backers of EMAX do best. While it is hard to generalize from one case to all cryptocurrencies here are some of the key takeaways.
To check EthereumMax’s price live in the fiat currency of your choice, you can use Crypto.com’s converter feature in the top-right corner of this page. Get the latest crypto news, updates, and reports by subscribing to our free newsletter. You will receive an email with instructions for how to confirm your email address in a few minutes. EthereumMax’s community was bullish in the wake of the SEC’s action against Kardashian, which one Discord user pointed out only alleged that EMAX was a security, not a scam. (The SEC has said Kardashian is cooperating with its “ongoing investigation” of EMAX). The manager said it’s not uncommon for crypto Discord members to deploy “hyperbolic” accusations when there’s bad news afoot, like cratering prices.
“Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities,” Chair Gensler added. Sign up for Market Wrap, our daily newsletter explaining what happened today in crypto markets – and why. “It’s like a stock buyback in the traditional financial market,” said Zhdanov.
They’re also looking for the next Dogecoin — and that’s a worrying state of affairs. The other celebrities who’ve supported EthereumMax have been less transparent — if indeed they were paid. As the CoinDesk team was quick to point out, she gets paid between $300,000 and $500,000 for these kinds of posts. And in case you missed the “#AD” at the end there, yes, it was a paid post.
According to the motion, Mayweather claims that he had never made a statement promoting the Ethereum Max token and has implored the plaintiffs to provide proof of when he did so. Do you think Kim Kardashian and Floyd Mayweather Jr. should be responsible for the losses suffered by EMAX investors? While not inherently bad, promoting an ERC-20 coin may, but need not, mean that the backers/developers lack the technical expertise to create a new blockchain and new currency to run on it. There are over 400,000 ERC-20 tokens that run on the Ethereum blockchain. The backers of EMAX correctly believed that using EthereumMax would give them instant credibility with investors.
In comparison, EthereumMax’s whitepaper reads like an longer version of an executive summary written to attract investors. According to the plaintiff, it was no accident that the name of the token was EMAX. Unsophisticated investors would wrongly assume that EMAX tokens are the same as Ethereum which is the second largest cryptocurrency. Kardashian paid $1.26 million to the SEC last month to settle charges relating to her promotion of EMAX, in which she had not disclosed receiving a $250,000 payment for posting promotional for it.
The live EthereumMax price today is $2.01e-9 USD with a 24-hour trading volume of $3,422.10 USD. The current CoinMarketCap ranking is #5692, with a live market cap of not available. “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.” The SEC’s order finds that Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax. Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.
Kim Kardashian is shilling ‘EthereumMax,’ but the SEC probably won’t be impressed
Along with retired boxer Floyd Mayweather Jr. and NBA Hall of Famer Paul Pierce, Kardashian was accused in a January complaint of hyping EMAX tokens, leading to investors paying higher prices for them. Kardashian has agreed to pay up the $1.26 million charge and will refrain from promoting any crypto securities token over the next three years. Once your wallet is setup, you can login to your binance account and proceed to the Buy & Sell crypto webpage to buy the Ethereum.
Celebrities and social media influencers have long enjoyed a lucrative revenue stream in promoting and endorsing services and products ranging from clothing to beauty products, and even supplements and medications. Still, the FTC does not go so far as to require endorsers to disclose the amount they were paid to promote a product. The Securities and Exchange Commission today announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion.
- If you are looking to buy or sell EthereumMax, Uniswap is currently the most active exchange.
- As a result, celebrities such as Kardashian have the power to influence millions of individuals to make uninformed decisions solely based on their admiration, trust and loyalty.
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- For a coin that’s only a month old, Etherem Max has already racked up several celebrity endorsements.
Sued the mega rich celebs, claiming they worked to pump the price of EthereumMax tokens and then dump them, leaving others out of pocket. The boxer is known for promoting failed crypto projects such as Bored Bunny, EthereumMax, and others over the past years. Connect your Metamask wallet to the DEX you want to use by using your wallet address from Step 2. I am trying to start an open source project to provide data insights into blockchain adoption and development activities and would like to encourage everyone who is interested to join the cause.
Highest and lowest price of Ethereummax is USD 0 and USD 0 respectively. No Trust Score data available since Skynet is not activated for this project. Set where you live, what language you speak, and the currency you use. Send me exclusive offers, unique gift ideas, and personalized tips for shopping and selling on Etsy. Even a cursory fact check on the Internet reveals that there is no good evidence of the claims being true, or that work has begun on these projects.
You will receive an email with instructions on how to reset your password in a few minutes. When the price hits the target price, an alert will be sent to you via browser notification. To receive alerts, please allow web browser notification permission. EMAX’s promoters have given no official hint they view their token as a security; they’ve never registered with the SEC. Representatives of EthereumMax did not respond to a request for comment from CoinDesk. Needs to review the security of your connection before proceeding.
As a result, celebrities such as Kardashian have the power to influence millions of individuals to make uninformed decisions solely based on their admiration, trust and loyalty. With such disclosures, the appeal of investing in the same companies as their favorite celebrities and influencers might be lost if fans realized the only connection between a celebrity and a promoted product was a hefty check. On the other hand, if followers are aware of a “material connection” between a celebrity and an endorsed product, they may be even more inclined to invest. Regardless, the argument remains — the more information disclosed to the investing public, the more educated their decision-making can be. On Monday, it was announced that reality star Kim Kardashian had chosen to settle the lawsuit with the Securities and Exchanges Commission for a reported $1.2 million.
CoinDesk journalists are not allowed to purchase stock outright in DCG. In Monday’s written order, Judge Fitzgerald explained the lawyers representing the investors are “trying to act like” the U.S. Securities and Exchange Commission , the publication conveyed. He added that they “haven’t chosen to view the tokens as a security” and didn’t invoke a standard securities fraud claim in their case. Fitzgerald also noted that the celebrities did not “care to label the tokens as a security for obvious reasons.” The judge said he will issue a final written order later.
The price of Bitcoin is $17,850.12 and BTC market dominance is %. The price of Ethereum is $1,228.06 and ETH market dominance is %. The best performing cryptoasset sector is Privacy, which gained 2%.
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It is difficult to tell from EthereumMax’s website exactly what it does. The site promises it will provide access to VIP experiences, including sporting events and concerts. It also says EthereumMax holders will receive a 2% yield on every transaction. If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies. One notable change to the token is its February shift from Ethereum to the fast and cheap scaling system Arbitrum, which EthereumMax backers say is better suited for the ecosystem. Some 31% of circulating tokens have moved over to Arbitrum, according to data from Nansen.
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The SEC’s statement urging caution regarding potentially unlawful celebrity-backed crypto asset offerings can be found here. SEC Chair Gensler today published a video warning investors not to make investment decisions based solely on the recommendations of a celebrity or influencer. Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds focusing on the crypto ecosystem and the metaverse. “We continue to see demand, particularly from young investors, for access … read more. Given that promoters pay celebrities and influencers for endorsements investors should not put too much faith in the posts and comments from these two groups. Investors should instead conduct their own due diligence before investing in a new cryptocurrency instead of relying on the opinions of paid spokespeople.
This time, the “product” is an investment opportunity falling under the watchful eye of the SEC. In June 2021, Kim Kardashian published an Instagram story informing her approximately 330 million Instagram followers about the What is EthereumMax crypto token. The Securities and Exchange Commission charged Kardashian, claiming she violated the anti-touting provision of the Securities Act when she failed to disclose she received $250,000 in exchange for her promotion of the unregistered security. “Importantly, Mayweather is not alleged to have made any statement promoting EthereumMax, nor is he alleged to have even received eMax Tokens,” the filing reads. Marketing is important for any product, but whitepapers that highlight marketing and ties to social media influencers over technical expertise and vision can be a red flag.
One thing EMAX holders can do with 1 billion tokens is get access to a series of chance-based casino games on the https://cryptolisting.org/ website. The highest performing users could win trillions of EMAX tokens; third place gets a T-shirt. EthereumMax, or EMAX, is a crypto token built last year on the Ethereum network by anonymous developers. Although the token’s white paper claims a grand vision of building “a robust and scalable ecosystem that fully maximizes the power of DeFi,” those lofty ambitions have yet to be realized. The crypto was launched with two quadrillion tokens, and 400 trillion were “burned” by the EthereumMax community, which ostensibly made the tokens more valuable. Kardashian reaches more than 300 million people on Instagram, and since her recommendation, the crypto lost nearly 98% of its value.