Cryptocurrency scams are numerous, given the size of this market.
In the spring of 2021, Kim Kardashian, Floyd Mayweather and other influencers promoted the Ethereum Max cryptocurrency on Instagram, inviting their followers to invest in this project which they announced was successful.
Ethereum Max presented itself as a new version of Ethereum, a very popular cryptocurrency.
However, experts quickly detected the suspicious nature of this activity, especially since Ethereum Max remained very enigmatic about its development and operation.
Investors duped
After these promotional stories, many people decided to take the plunge and invest in this cryptocurrency from which they thought they would reap positive benefits.
Thanks to all the novices involved in this project, the Ethereum Max token reached a price peak at the end of May 2021 at 0.0000007 euros before collapsing during the summer that followed.
The scam here consists of a "pump and dumb", that is to say the incitement of a very large group to invest in a cryptocurrency to inflate its value before reselling its shares when the price is at most. high.
On January 7, 2022, a complaint was filed in a court in California against these celebrities who advertised this cryptocurrency and thereby extorted the trust and money of their followers.
The lawsuit alleges that “defendants touted the [Ethereum Max] company’s prospects and investors’ ability to earn meaningful returns.”
Ethereum Max denies fraud and told the
Wall Street Journal
that this complaint was “full of misinformation.”
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