“I don’t need you, ESPN. I have EthereumMAX. I made more money with this cryptocurrency in the last month than with you in all of last year. Go see for yourself. »
Fired by ESPN in April 2021, following a live Instagram with strippers, Paul Pierce plunged a month later into the world of cryptocurrencies, with several tweets to its millions of subscribers.
The problem is that he kinda forgot to explain why he was getting into this universe…
A complaint, relayed by the New York Times, thus explains that multiple stars (Logan Paul, Kim Kardashian, Floyd Mayweather, Paul Pierce, etc.) have thus taken advantage of their notoriety to practice “pump and dump”, “a technique of market manipulation which consists of artificially raising the price of a share (pump) in order to resell (dump) these shares with a strong gain”.
Six million dollars in a few days?
According to the complaint, Paul Pierce would have received 15 billion EthereumMax tokens in order to promote it on his social networks. A gift that he obviously did not mention in his various messages.
When he posted his tweets on May 26, 2021, EthereumMax tokens were worth practically nothing, but thanks to the promotion of Paul Pierce and Kim Kardashian, in particular, their value exploded in a few hours, going from less than 0, 000000000001 to $0.0000004184 in two days. It’s hard to see what it represents on the scale of a token, but when you have 15 billion, or 15 million million (15,000,000,000,000), it increases the total value of the assets by about 15 dollars to over $6 million…
According to the complaint, Paul Pierce therefore quickly sold his tokens when they were at their maximum value, and he would thus have pocketed several million dollars in exchange for a few tweets.
Today, EthereumMax tokens are worth almost nothing and investors have decided to take the case to court, believing that celebrities have tricked them into setting up a cryptocurrency without consenting to their financial ties to it. , in order to obtain financial reparations.