Feb 23, 2023 07:50

Mayweather and Kim Kardashian Pull No Punches in Second EMAX Lawsuit

Kardashian and Mayweather claim the new lawsuit holds the same theory that was dismissed initially.

Continue reading at DailyCoin.

Dec 08, 2022 07:50

Kim Kardashian’s Crypto Scam Lawsuit Dismissed by Federal Judge

The EMAX case gets thrown out, even though Kardashian previously agreed to pay up over $1 million in fines.

Continue reading Kim Kardashian’s Crypto Scam Lawsuit Dismissed by Federal Judge at DailyCoin.com.

Dec 08, 2022 07:50

Crypto Flipsider News – SBF Investigation; Spain CBDC Project; Russia Bans BTC Miners; Coinbase Drop 50%; EMAX Lawsuit Dismissed

Click here to read our crypto digest.

Continue reading Crypto Flipsider News – SBF Investigation; Spain CBDC Project; Russia Bans BTC Miners; Coinbase Drop 50%; EMAX Lawsuit Dismissed at DailyCoin.com.

Dec 08, 2022 10:50

Kim Kardashian Relieved as Judge Dismisses Crypto Scam Lawsuit

An investor-led class action lawsuit against EthereumMax’s creators and celebrity backers Kim Kardashian and Floyd Mayweather Jr. over their social media promotion of the cryptocurrency was dismissed by a federal judge on Wednesday. Investors who purchased EMAX tokens claimed they had lost money after believing the celebrity influencers about the value of cryptocurrencies. According to the […]

Nov 28, 2022 12:00

Taking down crypto influencers is one step that would help to heal the market

The EU moved in the right direction by passing a law requiring influencers to disclose the risks associated with crypto. More countries should follow their lead.

Nov 08, 2022 07:10

Kim Kardashian Wins a Tentative Court Ruling Over EthereumMax Lawsuit

Kim Kardashian and Floyd Mayweather Jr. have won a preliminary court ruling that dismisses a lawsuit accusing them of defrauding EthereumMax investors. Investors claimed in a January complaint that the reality television star and former boxing champion overvalued the EMAX tokens, causing them to pay “inflated prices” for blockchain-based digital assets. Paul Pierce, a former […]

Oct 27, 2022 02:15

Continuous Crackdown on Crypto by US SEC is a Bullish Factor for Investors - Report

The US SEC might be considered harsh for its crypto regulations, some investors use this as a basis for their investments in the space (Read More)

Oct 13, 2022 12:00

The SEC was right to whack Kim Kardashian for shilling Ethereum Max

Kim Kardashian disclosed that she was paid for promoting Ethereum Max — but didn’t tell her followers the exact amount. The SEC did the right thing when it fined her for that oversight.

Oct 05, 2022 07:50

EthereumMax (EMAX) Pumps 128% After Kim Kardashian Agrees To Pay $1.26M Fine

The token has since dumped almost 50% but is still trading higher than before SEC settlement news broke.

Continue reading EthereumMax (EMAX) Pumps 128% After Kim Kardashian Agrees To Pay $1.26M Fine at DailyCoin.com.

Oct 04, 2022 10:35

Kim Kardashian Charged $1.2M by the SEC For EthereumMax Promotion

American TV reality superstar, Kim Kardashian has been charged by the United States Securities Commission (SEC) for the promotion of EMAX Token, the native coin of the EthereumMax protocol (Read More)

Oct 04, 2022 06:00

Daily Briefing: “Crypto Asset Securities”

Kim Kardashian was ordered to pay a fine of $1.26 million, a small fraction of her net worth. SEC Charges Kim Kardashian Today, the SEC announced charges against billionaire socialite...

Oct 03, 2022 08:55

BREAKING: Kim Kardashian Reaches $1.26 Million Settlement with SEC, After Promoting Crypto Without Disclosing Paid the Endorsement...

 

It looks like Kim's lawyers delivered a pretty good deal for the reality TV star - she's worth $1.8 billion, and has reached an agreement to settle the matter for $1.26 million.
She also does not have to admit any wrongdoing.
ALL THIS STEMS FROM WHEN SHE VIOLATED US LAW BY PROMOTING A COIN ON INSTAGAM, WITHOUT DISCLOSING THAT SHE WAS PAID TO DO IT. 

Her 'endorsement' was pretty cringeworthy, but I'm probably not in her target demographic. The post said: "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”

While the settled-on amount is too low to impact a billionaire, the SEC's newest statement on the matter was surprisingly positive, saying in part; "She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits".
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors” Said SEC Chair Gary Gensler.
ONE INTERESTING BIT...

There's been some emphasis by the SEC on Kim assisting them 'on "other cases'" - but this is the only time she has ever promoted a cryptocurrency.
Explained in the SEC's own words "(Kim) cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter." - this seems to clash with previous statements of this being a deal to allow her to "put this all behind her".
The most likely scenario is Kim sharing information on other projects that approached her, allowing the SEC to take note of which projects intended to spend a sizeable budget on celebrity endorsements.  Once they have this, they can begin to see what those companies ended up doing, and if any celebs that were eventually hired properly disclosed their status as paid endorsers. 
-------------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

 

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Oct 13, 2022 09:10

Kim Kardashian Reaches $1.26 Million Settlement with SEC...

 

It looks like Kim's lawyers delivered a pretty good deal for the reality TV star - she's worth $1.8 billion, and has reached an agreement to settle the matter for $1.26 million.
She also does not have to admit any wrongdoing.
ALL THIS STEMS FROM WHEN SHE VIOLATED US LAW BY PROMOTING A COIN ON INSTAGAM, WITHOUT DISCLOSING THAT SHE WAS PAID TO DO IT. 

Her 'endorsement' was pretty cringeworthy, but I'm probably not in her target demographic. The post said: "ARE YOU INTO CRYPTO??? THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”

While the settled-on amount is too low to impact a billionaire, the SEC's newest statement on the matter was surprisingly positive, saying in part; "She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits".
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors” Said SEC Chair Gary Gensler.
ONE INTERESTING BIT...

There's been some emphasis by the SEC on Kim assisting them 'on "other cases'" - but this is the only time she has ever promoted a cryptocurrency.
Explained in the SEC's own words "(Kim) cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter." - this seems to clash with previous statements of this being a deal to allow her to "put this all behind her".
The most likely scenario is Kim sharing information on other projects that approached her, allowing the SEC to take note of which projects intended to spend a sizeable budget on celebrity endorsements.  Once they have this, they can begin to see what those companies ended up doing, and if any celebs that were eventually hired properly disclosed their status as paid endorsers. 
-------------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

 

Subscribe to GCP in a reader

Oct 03, 2022 07:10

Kim Kardashian Faces Charges From the SEC Over EthereumMax Promotions

Kim Kardashian is facing scrutiny over her EthereumMax promotions. Kim has been charged by the Securities and Exchange Commission for promoting a crypto asset security issued and sold by EthereumMax on social media without reporting the compensation she got for the promotion. In exchange for dropping the accusations, paying $1.26 million in fines, disgorgement, and […]

Oct 03, 2022 08:50

Kim Kardashian Sued for EthereumMax, Pays $1.26M Fine

Many celebrities including Kim Kardashian are sued by EMAX investors.  Kim Kardashian alone pays a hefty fine of more than

Oct 03, 2022 11:15

Kim Kardashian to pay $1.26 million in settlement with SEC

Kim Kardashian will pay $1.26 million in penalties as a settlement with the US Securities and Exchange Commission (SEC), the regulator announced on Monday.

As per the SEC’s press release, the reality TV superstar had agreed to settle with the securities regulator following charges over her unlawful promotion of EthereumMax, which according to the agency, is a crypto security token.

SEC notes that Kardashian touted the cryptocurrency on social media and failed to disclose the $250,000 payment she received from the project to advertise EthereumMax’s token EMAX via her Instagram account.

The order against the global influencer points out that her post also linked to the EthereumMax website, where potential investors were given more instructions on how to buy the tokens.

SEC Chair Gary Gensler said in a statement:

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors.”

Violation of securities laws

Gurbir S. Grewal, the Director of SEC’s Division of Enforcement, said federal securities laws clearly stipulates what should happen in cases where individuals promote crypto assets to potential investors.

“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion…Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Kardashian, who did not admit or deny the SEC’s findings, has agreed to settle with the regulator. The $1.26 million fine includes a $1,000,000 penalty and $260,000 in disgorgement and prejudgment interest, according to the SEC release.

As well agreeing cooperate with the SEC investigation, Kardashian will not advertise any crypto securities for the next three years.

The SEC order against Kardashian is the latest against a celebrity crypto promoter, with notable personalities to get into crosshairs with the agency including boxer Floyd Mayweather and actor Steven Seagal.

Kardashian and Mayweather were sued earlier this year by EthereumMax investors for their role in promoting the token.

The post Kim Kardashian to pay $1.26 million in settlement with SEC appeared first on Invezz.

from Cryptocurrency – Invezz

Oct 03, 2022 07:50

Kim Kardashian Charged By SEC For Promotion Of Scam Project EthereumMax (EMAX), Agrees To Pay Over $1M

The SEC argues that the reality TV star failed to disclose the $250K payment she received for EMAX promotion.

Continue reading Kim Kardashian Charged By SEC For Promotion Of Scam Project EthereumMax (EMAX), Agrees To Pay Over $1M at DailyCoin.com.

Oct 03, 2022 04:40

Kim Kardashian pays SEC $1.26 million to settle EthereumMax charge

The United States SEC charged the American celebrity and influencer for promoting a cryptocurrency asset security without disclosing payments received to her followers.

Aug 05, 2022 09:24

Kim Kardashian Attempts to Escape EthereumMax Lawsuit

Her lawyers filed a motion in a California U.S. District Court to try and have the complaint against her dismissed.

Continue reading Kim Kardashian Attempts to Escape EthereumMax Lawsuit at DailyCoin.com.

Jan 21, 2022 02:25

Celebrities got SUED because of EthereumMax Pump and Dump…But Why?

If you are in the United States of America, then you must abide by the laws. The US is strict when it comes to enforcing the laws. If you spread misinformation that causes people to lose money, you can get sued. This is exactly what Kim Kardashian, Paul Pierce, and Floyd Mayweather did. What's even funny is that all three were involved in a pump-and-dump crypto scheme. But which cryptocurrency did they try to pump? Well, it's non-other than the EthereumMax pump. In this article, we're going to talk about what EthereumMax stands for, and how did those celebrities get involved.

What is EthereumMax Crypto?

It is clear that the EthereumMax project started by taking the name of an already existing and successful blockchain: Ethereum. This alone should've been a red flag for crypto investors. On another note, when going to their official website, the most apparent thing is how to "buy" their token. They even go the extra mile to list the steps users need to take in order to buy the token.

Aside from all this sketchiness, EthereumMax claims to be a "community-driven" crypto project that "provides lifestyle perks with financial rewards and incentives to its holders with a pathway for practical long-term use in everyday life." If you didn't quite understand what that means, don't worry because neither did we. When a project does not clearly outline the goals and vision, run away.

EthereumMax Pump - What Exactly Happened?

A class-action lawsuit is accusing EthereumMax and its celebrity promoters of working together to artificially inflate the price of the EMAX token. They basically made "false and misleading statements" on social media, as mentioned in the lawsuit.

Kim Kardachian

Kim Kardashian has over 281 million followers on Instagram alone. Sending a hyped message to this many people about a crypto project from someone who does not understand tech properly sounds sketchy indeed. In the below screenshot, we can see a story posted by Kim that instigated that EMAX was going to "BOOM". Analysts say that Kim was paid between USD 500,000 and USD 1,000,000 on each sponsored post to boost EMAX.

Floyd Mayweather

Floyd backed the EMAX token during his boxing match against the Youtuber Logan Paul. Tickets to the event could be purchased with the EMAX token. Since many people were expected to attend the fight, the lawsuit claims that this move boosted the trading volumes significantly.

The real crypto community knows how to differentiate between real crypto projects and bad ones. When Floyd attended a Crypto conference during that same period of time, he tried to promote EMAX. Luckily, he was booed off the stage.

https://www.youtube.com/watch?v=mBfNEp599K4

Paul Pierce

Paul is a former NBA basketball player who was also caught in the heat of boosting EMAX's social presence. Right after he was fired from ESPN for sharing controversial Instagram videos, he went to Twitter to make things worse.

EMAX Collapsed and People Lost Millions

All the three above celebrities happened to boost the EthereumMax project during the same period, which was towards the end of May and the beginning of June 2021. The price of the EMAX token skyrocketed x16 times within 3 days. On the other hand, the dump was very quick and harsh. Many people lost a lot of money, the fact that made the authorities raise red flags about this event, and in turn, file lawsuits against those celebrities who participated in this pump-and-dump scheme.

EMAX lost more than 98% of its value, leaving investors to dust. That's why it is always advisable to understand the real use-case or service of the crypto project you're investing in. Simply saying "we are awesome and you'll get rewards" is not enough, nor "you'll make big bucks soon". Today, there are many real crypto projects that are serving the crypto community and helping in bringing decentralization forward.

If you want to buy real crypto tokens, consider crypto exchanges like Binance ,  Coinbase ,  Kraken ,  and  Bitfinex .

EthereumMax© Cryptoticker

The post Celebrities got SUED because of EthereumMax Pump and Dump…But Why? appeared first on CryptoTicker.