EthereumMax investors were inappropriately induced to buy EthereumMax (EMAX) tokens. The leadership behind the EMAX token used celebrity promotors to inflate the price of the token by touting the favorable tokenomics and rate of return for those who purchased EMAX sooner than later. These promotors used their influence to mislead investors into purchasing the EMAX tokens at artificially inflated prices. Once their promotional efforts were completed, the leaders and promotors effectively “pulled the rug” on retail investors, leaving them with tokens that had lost over 75% from the inflated price high at the end of May 2021.
“When she (Kardashian) was recently paid to ask her 250 million Instagram followers to speculate on crypto tokens by ’joining the Ethereum Max Community‘, it may have been the financial promotion with the single biggest audience reach in history,” Charles Randell, chair of the FCA and PSR said to the Cambridge International Symposium of Economic Crime last year.” The Street
“A survey by financial services company Morning Consult found that up to 21 percent of all American adults and nearly half of all cryptocurrency owners had seen the ad and that 19 percent of respondents invested in EthereumMax as a result.” The Hollywood Reporter
EthereumMax individual investors are now joining together through a class action brought by law firm Scott+Scott, on behalf of investors to seek restitution for losses incurred from the purchase of EMAX tokens.