- Many celebrities including Kim Kardashian are sued by EMAX investors.
- Kim Kardashian alone pays a hefty fine of more than $1.2 million.
- The SEC conducted a complete investigation on Kim Kardashian’s endorsement with EMAX.
The crypto industry has many vital technologies such as the blockchain technology and many more, in order for it to prevail. However, there’s also one major attribute that is indeed responsible for nearly 85% of the complete business involved with crypto, and that is advertising and marketing.
Advertising and marketing are indeed pivotal points for any industry to flourish. Yet, it takes a step of higher importance when it comes to the crypto industry. Crypto and its advertising go hand in hand. Whichever project may be, technically a blaster, it would not be able to attain its slingshot without advertising, and marketing.
On such notes, advertising and marketing by endorsing celebrities are indeed one of the most influential, and successful ways. Nevertheless, endorsing a scam project should never be done.
Likewise, Kim Kardashian the all-famous media and television personality took on promoting EthereumMax (EMAX), for which indeed she’s being sentenced for a hefty fine of more than $1.26 million.
From the Stable’s of Kim Kardashian
Kim Kardashian, along with other famous celebrities like the boxing champion Floyd Mayweather, and the basketball player Paul Pierce all together came forward in promoting the project, EthereumMax (EMAX). Note that, this EMAX is nothing even associated or related to Ethereum (ETH).
All celebrities took onto Instagram posting about EMAX, and endorsing it in many ways. This obviously created the all-time ‘Pump and Dump’ trick as most scam projects do. The price of EMAX was inflated very much before the sell-offs.
Though EMAX declared that it did not do so, many complaints were filed against numerous investors on the founder’s of EMAX and upon all the celebrities involved in the promotion. The US Securities and Exchange Commission (SEC) took things into their own hands, and upon further investigations, it was found that Kim kardashian was given $250,000 for advertising EMAX, also signing a three year contract with them.
As the ‘Pump and Dump’ scam was highly evident, all parties involved were indeed fined. And so, Kim Kardashian has paid more than $1.26 million as fine alone. Celebrity promotions are never a crime, but the celebrities should be sensible enough to differentiate legitimate projects and products from illegitimate and scam ones, regardless of the money being paid.