Cryptocurrency EthereumMax grew by 123% after a quarrel between the regulator and Kim Kardashian

The value of the EthereumMax (EMAX) cryptocurrency has increased by 123%, all because of the news of the US Securities and Exchange Commission 's quarrel with American star Kim Kardashian. The SEC fined Kardashian $ 1.26 million for illegal advertising of EMAX.

At the time of writing, EMAX is trading at $ 0.5 841, having risen in price due to the development of the SEC and Kim Kardashian saga. According to the agency, Kardashian did not disclose that she was paid $ 250,000 for an advertising post about EMAX tokens on her Instagram page. Kardashian’s post contained a link to the EthereumMax website, where potential investors were offered instructions on how to buy tokens. The SEC’s ruling stated that Kardashian violated the federal anti-false advertising provisions.

In early August, Kardashian’s legal team advocated for the dismissal of 10 lawsuits brought against the influencer. The key point was Kardashian’s Instagram stories: «It is important that none of the named plaintiffs proves in their lawsuit that viewing Kardashian’s Instagram videos influenced their decision to buy tokens,» the lawyers emphasized.

As for EthereumMax, this token operates on the Ethereum and Arbitrum blockchains and was launched by anonymous developers in 2021. In May last year, the EMAX price reached an all-time high, hitting $ 0.92 after an advertising campaign and influencers' posts on social media. Then, the price quickly dropped by 99% and has not recovered since. The token is available only on decentralized exchanges (DEX) and single trading platforms.