If you think Ethereum is in trouble you should see Ethereum Max prices (EMAX), the Ethereum-based token that caught the eye last summer thanks to the support of celebrities including Kim Kardashian, boxer Floyd Mayweather and former NBA star Paul Pierce.
Today, these three celebrities are being sued by an aggrieved investor, who claims that they colluded with the co-founders of EMAX, Steve Gentile and Giovanni Perone, to increase the price of the token and then sell it , leaving small carriers to lose their investment.
The defendants touted the prospects for the company and the ability of investors to achieve significant returns through the “ favorable tokenomics of EMAX tokens , ”said Huegerich who filed a complaint with the United States District Court in California. “ In truth, the defendants marketed the EMAX tokens to investors so that they could sell their share of the float for a profit. ”
Ethereum Max peaked at a price of $ 0.000000597636 on May 31, 2021, before dropping more than 80% in 11 days. He then held a mini-rally in mid-June, around the time of Kardashian’s post, before dropping even lower. Since reaching its highest level, it has lost over 97% of its price; it sells today for an even more infinitesimal price of $ 0.000000017659.
Huegerich purchased EMAX tokens between May 14 and June 17 and seeks to be the main plaintiff in a class action.
The ERC-20 token first appeared in crypto consciousness when Mayweather arrived at the conference Bitcoin 2021 in Miami in June. wearing an Ethereum Max t-shirt. EMAX was sponsoring a boxing match that month between Mayweather and Logan Paul. In 2018, Mayweather was fined by the United States Securities Commission for promoting initial cryptocurrency offers without disclosing that he was paid to do so.
The following week, Kim Kardashian was accused of promoting an initial coin offering after sharing an Instagram story with her over 200 million followers in which she touted Ethereum Max while using a #AD hashtag to signify it was an advertisement.
“ Are you guys into crypto ???? “, can we read on a screen. “ This is not financial advice, but I share what my friends just told me about the Ethereum Max token! A few minutes ago, Ethereum Max burned 400 trillion tokens – literally 50% of their administration wallet – to return them to the entire E-Max community. ”
Pierce was intrigued enough by the EMAX token burn (in which the tokens are effectively destroyed to limit supply and stimulate demand) to burn down any remaining bridges with his former employer, ESPN, who fired Pierce in as an analyst after the
publication of a controversial video .
. @ espn I don’t need you. I got @ ethereum_max 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 https://t.co/3irnuWYve3 check it out for yourself
– Paul Pierce (@ paulpierce34)
May 26, 2021
Although the project maintains a presence on Twitter and social media, Ethereum Max has virtually disappeared from public view, having managed less than $ 150,000 in trade volume in the past 24 hours.