EthereumMax coin surged rapidly in the last few days because of the ongoing activity in the case of the SEC charge against popular celebrity Kim Kardashian.
Kimberly Noel Kardashian is an American media personality, socialite, model, and businesswoman. She is 42 years old and grabbed huge popularity in the crypto sector also because of her involvement in the promotion of EthereumMax coin (EMAX) in June 2021.
A few days ago, The United States Securities and Exchange Commission (SEC) unveiled its charge against Kardashian, for her involvement in the promotion of the EMAX coin.
This latest move of the SEC agency about the charge against this popular model acted as a catalyst for EMAX coin to pump it by more than 126% within 24 hours.
On 3 October, the price of the EMAX coin surged from $0.000000004232 to $0.000000009605 and further plunged by 80-90%. The current price of this coin is $0.000000005563, which is 34% down over the last 24 hours’ trade value.
Allegedly, Kardashian tried to influence people to buy EMAX coins, which was illegal according to the SEC agency.
The SEC chairman, Gary Gensler, said that people should learn a lesson from this case that the involvement of popular celebrities in any asset promotion doesn’t mean that investment will give a better return or safety to investment.
“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean those investment products are right for all investors,” Gary said
The current net worth of Kardashian is $1.8 billion and she agreed to pay $1.26 million as a fine, for her involvement in the EMAX promotion. And also she will not engage in any kind of crypto security asset promotion in the next 3 years.