Still to the point of collapse cryptoCurrency, EMAX, just got another celebrity in hot water. Short for EthereumMax, which was bullshit scheme advertised on Twitter by former NBA player Paul Pierce, except he rather forgot to say he was paid hundreds of thousands of dollars for it. As reported by The edge, The US Securities and Exchange Commission (SEC) fined him $1.4 million.
One get-rich-quick way would be to create a new cryptocurrency, pay celebrities to hype it to the point that many gullible morons shop in hoping to make money, and then rush all your original tokens in that moment sell and walk away.
In other news, when EMAX launched in 2021, its creators paid celebrities like Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce to tweet how extraordinary it was. Atempting to ride on the name “Ethereum”, an alternative pretend-o-coin it has nothing to do with, Its start was very worrying.
Since then, EMAX has cost its celebrity supporters millions while likely making significantly less. In October last year Kim Kardashian has agreed to settle $1.26 million with the SEC unpublished for them tweeted promoting the currency, and now it’s costing Paul Pierce even more.
For context, Paul Pierce was fired from a presenting job at ESPN in 2021. after sharing an Instagram video of himself under rather inappropriate circumstancesand then allegedly went on misogynist Twitter tirade. a month later, He tweeted his EMAX promo and explained,
.@espn I do not need you. I have @ethereum_max I made more money from this crypto in the last month than you all made in a year. TRUTH will set you free” [goofy emojis] my own boss EthereumMax.org See for yourself
The SEC reports that Pierce was paid $244,000 in EMAX tokens for this tweet, what he should have declared it a paid promotion while outright accusing him of lying about how much money he made.
“This case is another warning for celebrities,” said SEC Chairman Gary Gensler, “tThe law requires you to disclose to the public who pays you and how much to promote investment in securities, and you must not lie to investors when you promote a security.”
The tweet violated “anti-touting” and “anti-fraud” laws, and as such, Pierce has agreed to pay a total of $1.409 million and have nothing to do with crypto for the next three years.
In the meantime, just in case you were still wondering if there’s money in their moundsHere is how EthereumMax has evolved over its lifetime:
