This is how the Ethereum Max scam got famous!
Crypto and scams are synonyms. Even though crypto is a legitimate way to invest your money, there are a lot of fraudster ways to launder your wealth. One such way carried out by crypto platforms is influencer scams. The classic example is Ethereum max token. No, it's not Ethereum!
Emax also called Ethereum max is a community-based token started on 5th august 2021. Within a month, it bagged the most influential people on the globe to market its platforms like Kim Kardashian and Floyd Mayweather. They bag almost $500,000 to $1 million for such posts.
The problem is, that the crypto platform spends most of its money on marketing than developing its own platform. Some of the influencers also, without investigating anything about the source, start to promote such hazardous ways to people. It may give success temporarily but in long run, it can hit the rock bottom.
The Emax is barely a startup and after a month of trade, it started to make losses. The all-time high price, Emax reached is $0.0000008546 by May 2021. What the Ethereum Max token did is, artificially increase the price of the token before selling it off and crashing the price.
A lawsuit against this swindle is filed in the United States District Court for the Central District of California in January 2022. People also need to be cautious when investing their hard-earned money. By investing into cryptocurrency using trustable platforms may reduce the risk. Even though there are ways to complain about the cyber scam, it's really impossible to retrieve what you lost.