Kim Kardashian Promotes New Cryptocurrency on Instagram
Popular socialite, Kim Kardashian, is in the news this time around but not for the routine controversy. According to reports, the female celebrity had promoted a novel cryptocurrency named Ethereum Max on Instagram back in June. Following this, a survey by Morning Consult shows that one-third of crypto owners had seen the ad.
Capitalizing on the massive following Kim Kardashian commands, the ‘Ethereum Max’ team is likely to have approached her to promote the cryptocurrency for them. Ethereum Max is built on Ethereum and in line with the ERC20 token creation standard, reports revealed.
Ethereum Max Project Suggests Scam as it Lacks Whitepaper
In mid-June, Kim Kardashian shared the video in which she recounted a story of how she first heard about the cryptocurrency. She claimed to have been told about Ethereum Max for the first time by her ‘friend.’ However, there are reasons to believe that the Ethereum Max is a scam project because it lacks a white paper and developer activity on its Github page.
Financial Conduct Authority’s chairman Charles Randell had no chills as he took a direct swipe at the female celebrity for using her influence for the wrong reasons- promoting a speculative digital token. Earlier this month, chairman Randell advised US regulators to implement measures that will protect crypto promotions. The FCA chairman revealed that scammers or bad actors often approached celebrities to promote their bogus projects or pump and dump tokens.
Floyd Mayweather and Paul Pierce Promote Ethereum Max, Celebrities Join Race to Crypto Adoption
Kim Kardashian does not seem to be the only celebrity who was involved in Ethereum Max’s promotional ad. Richest boxer, Floyd Mayweather and celebrity basketballer Paul Pierce also joined in the promotion frenzy of the ERC-20 token.
It is no news that celebrities around the world are beginning to show interest in cryptocurrency. As such, Morning Consult found that almost half of crypto owners listen to the opinions of their favorite celebrities before making decisions on crypto investments. Most investors ended up being scammed after listening to these celebrities.
In one of these instances, American actor, Steven Seagal promoted the Initial Coin Offering of a project called Bitcoiin2Gen earlier this year. Some of his followers were scammed, prompting an investigation from the US SEC. The commission had taken Seagal to court, but the actor argued that he was paid to promote the token. The court decided in favor of the regulator, slamming a $200,000 fine on the actor, who agreed to pay.
The NFT sector has witnessed the influx of celebrities such as NBA star Steph Curry who purchased a Bored Ape Yatch Club NFT two weeks ago. Popular American rapper, Jay-Z sold an NFT commemorating his 1996 debut album at Sotheby’s auction house for $24,000.
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