Kim Kardashian’s $1.26 million settlement with the SEC resulted in an explosive 95% daily growth for the EthereumMax (EMAX) token.
Kim Kardashian, a well-known model, entrepreneur, and one of the most well-known figures on social media, made waves yesterday by agreeing to spend $1.26 million to promote Ethereum Max (EMAX). Following the announcement, the token’s value started to rise and is now daily up 95%.
In a case filed in California earlier this year, it was alleged that boxing champion Floyd Mayweather and reality TV personality Kim Kardashian improperly marketed the virtual currency EthereumMax (EMAX). Prosecutors claim that marketing the token—which the US Securities and Exchange Commission classifies as a cryptocurrency security—could have caused investors to suffer large losses.
Notably, Kardashian, who has more than 330 million Instagram followers, was given $250,000 to promote EMAX on her account. The model agreed to pay $1.26 million in fines and interest yesterday (October 3) for deceiving her followers into investing in an unregistered financial instrument.
However, it seems that there is no such thing as negative PR since the token’s price quickly changed. Since the most recent events, EMAX’s price has increased dramatically—by over 95%—and is now trading at $0.000000008566. Prior to the deal with the SEC, its 24-hour trading volume was around $13,000; it has now topped $280,000. Last night, the token’s value peaked at $0.000000009586, a 130% increase over yesterday’s statistics.
Kim Kardashian’s EthereumMax Case with the SEC
Kim Kardashian was charged by the US Securities and Exchange Commission for endorsing the cryptocurrency security Ethereum Max. The well-known US media personality, entrepreneur, and model agreed to pay $1.26 million to resolve the allegations.
According to a complaint filed against Floyd Mayweather and Kim Kardashian in California in January of this year, they deceived investors by pushing a cryptocurrency security called EthereumMax (EMAX).
On October 3, the Securities and Exchange Commission (SEC) stated that it had reached a deal with Kim Kardashian, under which she would pay $1.26 million in fines, disgorgement, and interest for failing to disclose the cash she got for endorsing the token. The TV celebrity will assist the organization in its inquiry as well. Kardashian allegedly got $250,000 from the Commission to advertise the EMAX tokens on her Instagram feed, which as of right now has more than 330 million followers.