According to a Morning Consult poll, roughly one-third of cryptocurrency holders saw Kim Kardashian’s infamous Instagram ad promoting “Ethereum Max.”
In mid-June, the billionaire socialite shared a story about the dubious cryptocurrency with hundreds of millions of followers.
She claimed in her ad that she learned about the token from a “friend.”
The shady cryptocurrency has no white paper and almost no developer activity.
Earlier this month, Financial Conduct Authority Chairman Charles Randell chastised Kardashian for promoting the “speculative digital token” using her massive audience reach.
Kardashian is not the only celebrity to have taken part in the Ethereum Max marketing campaign. NBA superstar Paul Pierce and legendary boxer Floyd Mayweather have both endorsed the contentious ERC-20 token.
According to Morning Consult, nearly half of cryptocurrency owners consider celebrity advice when making investment decisions.
Randell claimed that scammers frequently pay social media personalities to shill their tokens:
However, scammers frequently pay social media influencers to help them pump and dump new tokens based on pure speculation. Some influencers promote coins that turn out to be completely fictitious.