Technology

Kim Kardashian in court after a crypto scam… what happened?

This is the story of a gigantic influence campaign that would have fooled many Internet users. Last spring, Kim Kardashian and other celebrities promoted the cryptocurrency EthereumMax (EMAX) on their respective social networks.

Problem, his followers took them at their word and invested massively between May and June 2021 in this cryptocurrency that has always raised doubts among experts. If you use the Ethereum infrastructure well, none of its developers wanted to associate with it.

In France, influencers are also highlighted

The cryptocurrency also made headlines by sponsoring a highly publicized boxing match between champion Floyd Mayweather and YouTuber Logan Paul. According to the collective complaint filed in the United States, this promotional campaign is part of “pump and dump”, a well-known scam in the sector.

Clearly, the public is being asked to massively invest in a small cryptocurrency in order to artificially increase its price. Subsequently, the originators sell their assets very quickly once the value has peaked. It is then the fall and the initial investors are thus totally deceived.

In the case of EMAX, this is what happened and after skyrocketing, its value quickly collapsed. However, the designers of the crypto defended themselves in the Wall Street Journal by stating through a spokesperson that “this misleading story, bolstered by these recent accusations, is peppered with lies.”

As a reminder, cryptocurrency scams are also starting to be taken seriously in France. The authorities rightly point to influencers. In fact, some are used to encourage Internet users to take action. In response, the DGCCRF appears determined to crack down and has chosen to crack down on “unfair influencer marketing practices” as one of its priorities for 2022.

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