What Is EthereumMax? Inside the Crypto Kim Kardashian Lost $1 2M Promoting

The percent change in trading volume for this asset compared to 24 hours ago. CoinGecko provides a fundamental analysis of the crypto market. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics. EthereumMax is a progressive ERC-20 token built on the secure Ethereum network. The investing public should beware and always conduct their independent due diligence. The SEC should continue to require broad disclosures from endorsers to allow for and support such due diligence.

A cryptocurrency endorsed by Kim Kardashian in June 2021 on her Instagram account. Using the EMAX symbol, EthereumMax was touted as a “culture token,” whereby token holders would have special access to outstanding restaurants and clubs as well as casino games on the EthereumMax website. EthereumMax is like thousands of other crypto tokens hosted on the Ethereum blockchain. Billionaire businesswoman Kim Kardashian and boxer Floyd Mayweather are set to win a lawsuit accusing them of scamming investors with the obscure cryptocurrency EthereumMax. EthereumMax is an ERC20 token launched with a total supply of 2 quadrillion $eMax with none held back for the development team, creating a fair and complete distribution of the coins. 50% of the liquidity pool was burnt to the creator of the Ethereum ecosystem, Vtalik Buterin, and the other 50% was burnt to a dead address and released to the open market.

However, the Kardashian seems to be the only one, as co-defendant Floyd Mayweather continues to fight the lawsuit. U.S. District Judge Michael Fitzgerald gave his “tentative view” Monday in a class-action lawsuit filed in January against Kim Kardashian and Floyd Mayweather Jr. over their promotion of the Ethereummax token, Bloomberg reported Tuesday. Former NBA star Paul Pierce is also a defendant in the proposed class-action suit. Anyone following the price of the leading cryptocurrencies is aware that prices have swung wildly in Bitcoin, Ethereum, Tether, etc., daily over the last year. Nevertheless, there is some order in the chaos of the leading currencies when compared to EMAX. Judge Fitzgerald said Kardashian and her fellow defendants did not “care to label the tokens as a security for obvious reasons.”

Many followers lost their entire investment, and as a result, Karadashian paid a $1.26 mllion fine levied by the SEC because she did not mention that she was paid to promote the tokens. The EthereumMax price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. While the SEC doesn’t have a mandate for crypto, its top brass believes the vast majority of digital assets are securities they can regulate like stocks or bonds. Getting branded as one by the SEC dramatically escalates what’s required of a crypto project and its promoters, but relatively few have faced SEC action. In other words, merely disclosing that she was paid $250,000 to promote the token would not have made a material difference to her followers in their decision to invest. In January, EMAX investors sued Kardashian and boxer Floyd Mayweather after promoting the token, which fell precipitously.

Unfortunately statistics on major L1 protocols such as Solana is missing, however will be added at a later point. For now I found the interesting insight that the number of active users on Ethereum is comparatively lower than Polygon and in particular Binance Smart Chain BNB. Check this out. Dogecoin is a parody coin that’s jumped over 6,000% since the start of this year, largely on the back of tweets from Elon Musk. Even though it doesn’t have any fundamentals, it has gained traction and is in the top 10 cryptocurrencies. Sign up today for Stock Advisor and get access to our exclusive report where you can get the full scoop on this company and its upside as a long-term investment. Learn more and get started today with a special new member discount.

If you’re wondering whether celebrities are allowed to promote coins without disclosing their interest, the answer is no. Something Mayweather ought to know since the SEC fined him in 2018 for failing to be open about the crypto money he’d received. More than $63,000 of the tokens traded, the highest single-day volume since March. If EthereumMax’s Twitter is meant to broadcast to the world, then its Discord server is where the projects’ true believers roam. There, some 2,300 members can talk about EthereumMax’s crypto partnerships, its forays into gaming, its price action – pretty much anything – with fellow investors.

EthereumMax Price(EMAX)

$eMax is a decentralized financial cryptocurrency hosted on the Ethereum blockchain. It is designed to provide a secured approach to managing digital assets and providing instant access to rewards for holders. The percent change in trading volume for this asset compared to 7 days ago. The percent change in trading volume for this asset compared to 1 hour ago.

EthereumMax

Though the name begins with Ethereum, it’s not related to the second-largest cryptocurrency by market cap, but a token built on top of the blockchain. Like many cryptocurrencies, it promises to reshape the future of finance in hyperbolic terms. It screams that vision to the world with flashy ads and sidewalk spray paint stencils that implore readers to buy in. EthereumMax launched with a supply of 2 quadrillion tokens, but according to its white paper, the circulating supply decreases 6% at certain intervals to increase scarcity. The token’s market cap was hovering around $8.7 million as of Monday. Back at the beginning of the year, some notable celebrities had been named in a lawsuit over the alleged Ethereum Max scam.

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All content on this page is used for informational purposes only. CryptoSlate has no affiliation or relationship with the coins, projects or people mentioned on this page. Data is provided by CoinMarketCap, Coinpaprika and TradingView. The crypto community questioned why the clause does not apply to stocks and other financial markets. Web3 Foundation’s chief legal officer Daniel Schoenberger claims Polkadot’s native token DOT is a software, not security and should not be subject to federal securities law. There are several DEXs to choose from; you just have to make sure the wallet you selected in Step 2 is supported by the exchange.

EthereumMax

Promoters use celebrities and social media influencers for a reason-instant credibility. While celebrities may know something about or even use a personal care product, it is highly unlikely they know much about a new crypto project. The SEC’s order finds that Kardashian violated the anti-touting provision of the federal securities laws. Kardashian also agreed to not promote any crypto asset securities for three years. It has a circulating supply of 0 EMAX coins and a total supply of 2 Quadrillion. If you are looking to buy or sell https://cryptolisting.org/, Uniswap is currently the most active exchange.

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. She began her editorial career at a financial website in the U.K. Over 20 years ago and has been contributing to The Ascent since 2019. One problem in the crazy world of crypto is that people aren’t only looking for the next Bitcoin .

Fears of Terra Luna style collapse of FTX native token FTT as Binance liquidates its holdings

There are several crypto wallets to choose from within the Ethereum network and Metamask appears to be the most integrated. If you are using a desktop computer, you can download Google Chrome and the wallet Chrome extension. If you prefer using your mobile phone, you can download the wallet via Google Play or iOS App Store if it’s available. Just make sure that you are downloading the official Chrome extension and mobile app by visiting the Metamask’s website. The total dollar value of all transactions for this asset over the past 24 hours. This is intuitively quite surprising that Ethereum with its striking Total Value Locked dominance only has a fraction of active addresses on the mainnet.

  • Make sure to keep your seed phrase safe, and take note of your wallet address.
  • The suit also named Kim Kardashian, Floyd Mayweather and Paul Pierce as defendants.
  • Comparing EthereumMax’s whitepaper to the similar sounding Ethereum reveals stark differences.
  • Needs to review the security of your connection before proceeding.
  • If EthereumMax’s Twitter is meant to broadcast to the world, then its Discord server is where the projects’ true believers roam.

These celebrities included reality star Kim Kardashian, boxing legend Floyd Mayweather, as well as former professional athletes Paul Pierce and Antonio Brown. The class action lawsuit had accused the celebrities of pumping the price of the token, which had then inevitably fallen by 97%, causing investors to lose money. Reality TV star Kim Kardashian and boxing legend Floyd Mayweather Jr. reportedly won a tentative court ruling in a class-action lawsuit involving the What is EthereumMax token. Investors have accused the celebrities of hyping Ethereummax and pumping the EMAX crypto token.

Binance is constantly reviewing and adding cryptocurrencies that can be used on the Binance platform. If you would like to buy EthereumMax, which is currently not listed on Binance, you can follow the step-by-step guide below. It will show you how to buy EthereumMax by connecting your crypto wallet to a decentralized exchange using your Binance account to buy the base currency.

EthereumMax wants to create a “robust and scalable ecosystem that fully maximizes the power of” decentralized finance , its white paper promises. The project’s self-reported history traces to the depths of COVID-19 lockdowns; then, its progenitors – hardcore crypto believers – began to “deeply focus” on making a token that could soar. Many who endorse investment opportunities do not have sufficient expertise to ensure that the investment is appropriate and complies with U.S. securities laws.

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EMAX was accepted as payment for Mayweather’s fight against YouTuber Logan Paul last year, and the star boxer was booed at last year’s Bitcoin Conference for wearing an EMAX T-shirt. The trading volume of Ethereummax is 1,132.21 in the last 24 hours. Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology. SEC boss Gary Gensler has also taken this as an opportunity to remind celebrities and influencers that the law requires them to disclose how much they are paid to endorse investment opportunities. Following the filing of the motion to dismiss by Mayweather’s attorneys, a November 7th date has been set for a hearing.

Said the high-profile case was picked up by the government agency because the Instagram post failed to mention how much Kim Kardashian was paid to promote EMAX—something necessary when promoting securities. Circulating supply shows the number of coins or tokens that have been issued so far. Whether or not this is a pump-and-dump scheme, when you look at the fundamentals, it isn’t a good investment.

I made more money with this crypto in the past month then I did with y’all in a year,” Pierce tweeted then. Kim Kardashian settled with the SEC to the tune of $1.26 million over allegations that she promoted the cryptocurrency EthereumMax without disclosing she was paid to do so. A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. On January 7, 2022, a class-action lawsuit was filed against the company and individuals behind the cryptocurrency EthereumMax.

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