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Kim Kardashian Has Been Reported to the SEC for Profiting from the EthereumMax ‘Scam’

A Redditor going by the moniker Loose-Imagination781, has reported Kim Kardashian West to the SEC for her involvement in a crypto scheme. Kardashian posted on her...
Kim Kardashian Has Been Reported to the SEC for Profiting from the EthereumMax ‘Scam’ Kim Kardashian Has Been Reported to the SEC for Profiting from the EthereumMax ‘Scam’

  • A Redditor going by the moniker Loose-Imagination781, has reported Kim Kardashian West to the SEC for her involvement in a crypto scheme.
  • Kardashian posted on her Instagram, “Are you guys into crypto????” promoting, but not promoting a project known as EthereumMax.
  • In the last four months, EthereumMax (EMAX) has lost 97.87% of its value.

Shilling arguably obscure projects looks to not be as profitable as it might seem in the first place.

Social media influencer and entrepreneur Kim Kardashian is still receiving community backlash for the promotional post she did for the EthereumMax token on June 13th, 2021.

A Redditor, identified as Loose-Imagination781, announced on Reddit, that they reported the media personality, socialite and businesswoman to the Securities and Exchange Commission (SEC) for her involvement in EthereumMax. The user also urged others to do the same.

The initial post has received more than 10K upvotes so far.

EthereumMax is a yield based token that claims to provide up to a 6% distribution of every transaction to existing eMax wallet holders just for owning it.

Other Influencers Under Fire As Well

The aforementioned Reddit post has garnered more than a thousand comments. The crypto community shared their sentiments regarding such behaviour, pointing out that other big names, such as actor Steven Seagal, and boxer Floyd Mayweather Jr. have done similar campaigns.

Other redditors were sceptical regarding the reporting procedure, stating that this might not result in anything significant.

DailyCoin has reached out to both the SEC and the Kardashian team for comment, but did not receive any statement before publication.

What Did Kim K Do?

Earlier this year, Kardashian, who has over 250 million followers on Instagram, asked her followers: “Are you guys into crypto????” The post was, however, flagged as an advertisement by Instagram.

In her post, the socialite didn’t disclose that ethereum max was a speculative digital token, created a month before by unknown developers. EthereumMax is one of hundreds of such speculative ‘pump-and-dumps’ that fill the crypto space.

Even before Kim K was reported to the SEC, Charles Randell, the head of the UK‘s Financial Conduct Authority, opined that Kardashian was “paid to ask her 250 million Instagram followers to speculate on crypto tokens by ’joining the Ethereum Max Community.‘”

Where is EthereumMax Now?

Following the quick pump that EthereumMax received from social media promotion, EMAX has steeply plunged, becoming almost useless in the process.

The year-to-date price chart of EthereumMax (EMAX). Source: Coinmarketcap

At its peak, EMAX was valued at $0.00000092, at the time of writing the coin is trading at $0.00000001966. The coin has lost 97.87% of its value over the last four months.

On The Flipside

  • Social media, especially Twitter (NYSE:TWTR), has been a significant part of the rise of cryptocurrencies. More often than not, crypto projects take to social media to share their white paper, give updates to their community, developmental stages, partnerships, and upcoming events.
  • As cryptos became popular, attracting famous figures, many saw it as an opportunity to publicize their projects. The goal was to get influencers to promote a project to their fanbase, promising millions of users that the coin is going to the moon.
  • Out of this influence, hundreds to thousands invest in the project without even knowing what it is about, or considering its prospects. While a fraction of these projects do seek to solve real-world problems, they are overshadowed by the great proportion of worthless, pump-and-dump projects.

Decentralization (the delegation of authority to a distributed network) was one of the first selling points of cryptocurrencies, what better place for the distributed network to communicate on than an existing community: social media.

Why You Should Care?

Fraudulent developers have leveraged the influx of influencers into the crypto space as an opportunity to promote their projects. These projects are mostly pump-and-dumps, offering little, to no use. Before investing in any project, it is advisable to first read the whitepaper, or be convinced by its prospects.

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28-09-2021 02:52:54 (UTC+7)

EUR/USD

1.1697

-0.0016 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

EUR/USD

1.1697

-0.0016 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

GBP/USD

1.3704

+0.0022 (+0.16%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

USD/JPY

111.01

+0.29 (+0.26%)

Summary

Neutral

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (2)

Sell (4)

AUD/USD

0.7290

+0.0032 (+0.43%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

USD/CAD

1.2629

-0.0024 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (1)

EUR/JPY

129.86

+0.16 (+0.12%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (6)

EUR/CHF

1.0831

+0.0008 (+0.07%)

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↑ Sell

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Gold Futures

1,750.15

-1.55 (-0.09%)

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Silver Futures

22.637

+0.212 (+0.95%)

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↑ Sell

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Copper Futures

4.2810

-0.0045 (-0.11%)

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Crude Oil WTI Futures

75.44

+1.46 (+1.97%)

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↑ Buy

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Indicators:

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Brent Oil Futures

78.62

+1.39 (+1.80%)

Summary

Buy

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Indicators:

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Natural Gas Futures

5.869

+0.669 (+12.87%)

Summary

↑ Buy

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Buy (9)

Sell (3)

Indicators:

Buy (8)

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US Coffee C Futures

194.98

+0.63 (+0.32%)

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↑ Buy

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Buy (12)

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Indicators:

Buy (5)

Sell (0)

Euro Stoxx 50

4,165.48

+6.97 (+0.17%)

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↑ Sell

Moving Avg:

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Indicators:

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Sell (9)

S&P 500

4,443.64

-11.84 (-0.27%)

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↑ Sell

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DAX

15,573.88

+42.13 (+0.27%)

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FTSE 100

7,063.40

+11.92 (+0.17%)

Summary

↑ Sell

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Hang Seng

24,208.78

+16.62 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

US Small Cap 2000

2,285.25

+31.37 (+1.39%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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IBEX 35

9,002.90

+129.80 (+1.46%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

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Sell (2)

BASF SE NA O.N.

64.740

+1.040 (+1.63%)

Summary

↑ Sell

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Bayer AG NA

47.47

+0.99 (+2.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Buy (9)

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Allianz SE VNA O.N.

196.19

+3.85 (+2.00%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

278.80

-2.77 (-0.98%)

Summary

↑ Sell

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Deutsche Lufthansa AG

6.561

+0.328 (+5.26%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

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Buy (7)

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Siemens AG Class N

147.27

-0.84 (-0.57%)

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Deutsche Bank AG

11.120

+0.285 (+2.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

Sell (3)

 EUR/USD1.1697↑ Sell
 GBP/USD1.3704↑ Sell
 USD/JPY111.01Neutral
 AUD/USD0.7290↑ Sell
 USD/CAD1.2629↑ Buy
 EUR/JPY129.86↑ Sell
 EUR/CHF1.0831↑ Sell
 Gold1,750.15↑ Sell
 Silver22.637↑ Sell
 Copper4.2810↑ Sell
 Crude Oil WTI75.44↑ Buy
 Brent Oil78.62Buy
 Natural Gas5.869↑ Buy
 US Coffee C194.98↑ Buy
 Euro Stoxx 504,165.48↑ Sell
 S&P 5004,443.64↑ Sell
 DAX15,573.88↑ Sell
 FTSE 1007,063.40↑ Sell
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,285.25↑ Sell
 IBEX 359,002.90Buy
 BASF64.740↑ Sell
 Bayer47.47↑ Buy
 Allianz196.19↑ Buy
 Adidas278.80↑ Sell
 Lufthansa6.561↑ Buy
 Siemens AG147.27↑ Sell
 Deutsche Bank AG11.120↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(0/ 0) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 28-09-2021 02:52:56
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,750.96+1.460.08%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.30-0.6-0.81%
Brent$78.63-0.62-0.79%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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