Is EthereumMax a fraud? Well, we do not know that for sure but a lot of people have been skeptical about it, and for valid reasons.
EthereumMax or Emax has been promoted by several celebrities, the latest being Tyson Fury, the 33-year-old British WBC Heavyweight Champion. The 5-month-old altcoin has been getting a lot of buzz, for the wrong reasons. However, before delving into details about that, let us provide an insight into what EthereumMax is about.
What is EthereumMax?
EthereumMax is a relatively new coin on the Ethereum blockchain. It is an ERC-20 token. ERC meaning Ethereum Request for Comment refers to the rules and functions new token under the Ethereum network must follow. It involves the creation and issuing of smart contracts, which can be used to create tokenized assets like EthereumMax.
EthereumMax should not be confused with Ethereum as the developers of Ethereum have no hand in this crypto. It is a digital token created by anonymous developers.
Following its launch on May 14, it had a transaction volume of $16 million and a price of $0.00000005875 according to CoinMarketCap. Two weeks later, Emax had a transaction volume of almost $118 million and subsequently, it rose to 1,370%. However, this streak didn’t last long. On July 15, it dipped to $0.000000017 per unit, a 98% drop, and on August 1, it crashed to $157,423 which is less than a hundredth of its starting capital.
Why the Fuss About EthereumMax?
The 1,370% rise? It’s all Kim Kardashian, according to the Financial Conduct Authority(FCA), and they fear it could be fraudulent. Sometime in June, the billionaire socialite, Kim Kardashian, made a post on her Instagram Story promoting EthereumMax. With the icon having over 250 million followers on Instagram, it was the greatest audience reach, ever.
This coin was also promoted by boxer, Floyd Mayweather and former basketball player, Paul Pierce. During the Bitcoin 2021 conference in Miami, Mayweather strutted in wearing an EthereumMax t-shirt, against his fight with Logan Paul. Emax was accepted as payment for tickets for the duel, and the two front-row seats were sold exclusively for altcoins. Paul Pierce, who was let go by ESPN earlier this year, also tweeted about it, severally.
Now, to Tyson Fury who is the latest big shot to promote EthereumMax. Tyson, who goes by the pseudonym “Gypsy King” was sponsored by EthereumMax in his fight against Deontay Wilder, who was promoting the Inflation Hedging Coin (IHC), Mongolia’s leading coin. On October 9, Tyson Fury attended the trilogy boxing match sporting emax on his shorts. Also, packages could be paid for using emax or eth.
Is EthereumMax a Scam?
A lot of people do not have good things to say about EthereumMax, and for good reason, but this does not mean that we are calling it a scam. Some of the issues that have raised concern include
- Its ambiguity. EthereumMax’s home page only contains a vague description of what the project is about. There are bold statements without backings. Also, the developers are anonymous, this is not uncommon but these types of projects are usually tagged high risk.
- Misleading statements. Retracing our steps back to the team’s initial press release on May 30, it said that the team was planning on releasing their Q3 roadmap beside Floyd Mayweather vs Logan Paul, but they defaulted. Even in their first month, they made quite bold statements like having one of the strongest communities in the market.
- It does not have a whitepaper. A whitepaper is a document used by companies, which provides in-depth information on an issue and how to solve it. Any cryptocurrency worth your investment should have a whitepaper.
- Lack of professionalism. The team’s website and press releases are riddled with grammatical errors and typos.
It is not certain that EthereumMax is a fraud, but it doesn’t hurt to be careful. If you desire to be a part of this project regardless of the red flags, invest wisely. About 2% of your liquid portfolio should do.