Kim Kardashian And Floyd Mayweather Sued For Crypto Pump And Dump
Kim Kardashian and Floyd Mayweather have found themselves facing a lawsuit after allegedly misleading investors by promoting a cryptocurrency token.
The pair promoted a crypto token called EthereumMax in May and June 2021.
“Are you guys into crypto?” Kardashian wrote in an Instagram post to her 250 million followers. “This is not financial advice but sharing what my friends just told me about the Ethereum Max token.”
“A few minutes ago Ethereum Mac burned 400 trillion tokens — literally 50% of their admin wallet giving back to the entire E-max community.” The hashtags “#DisruptHistory,” “#WTFEmax,” and “#Ad” were also used.
Meanwhile, Mayweather promoted EthereumMax on his boxing trunks during his fight with YouTube star Logan Paul. The coin was also used to purchase tickets for the fight.
Former NBA player Paul Pierce was also caught up in the lawsuit for promoting the token on his social media accounts during the same peirod.
Investors who bought EtheruemMax between 14 May 2021 and 27 June 2021 have stated they were victims of a pump of dump scam in their proposed class-action complaint filed on Friday.
EtheremMax rose as mucha s 800% in a matter of days at the end of May 2021.
Kardashian, Pierce and Mayweather as well as the creators of EthereumMax were named in the lawsuit.
Representatives of the celebrities have not responded to questions but EthereumMax released their own statement: “The deceptive narrative associated with the recent allegations is riddled with misinformation about the EthereumMax project. We dispute the allegations and look forward to the truth coming out.”
The lawsuit seeks restitution and disgorgement of profits by the defendants.