Kim Kardashian and Floyd Mayweather Jr. involved in Lawsuit regarding Crypto Scam

Kim Kardashian and Floyd Mayweather Jr. currently face a lawsuit accusing them of misleading investors by promoting a cryptocurrency token.

The celebrities were accused of collaborating with the crypto company EthereumMax to create “false and misleading” promotions to generate artificial interest in the company’s tokens. CNBC reports that EthereumMax has lost 97% of its value since June 2021.

The lawsuit claims that the celebrities touted tokens sold by the company to boost its price and create a profit “at the expense of their followers and investors.”

“The company’s executives, collaborating with several celebrity promoters … made false or misleading statements about EthereumMax through social media advertisements and other promotional activities,” the lawsuit stated.

Mayweather was promoting EthereumMax on social media before his exhibition with Youtube giant Logan Paul. The Hall of Fame boxer would double down his promotions by showcasing the crypto company on his shorts during the fight.

Additionally, the lawsuit claims that Kardashian promoted the company on an Instagram post on June 2021, a post that can be seen and shared by her 250 million followers. “Are you guys into crypto?” she wrote in the post, followed by the disclaimer “this is not financial advice”, but that she wanted to share “what my friends just told me” about the EthereumMax tokens. She included the #AD hashtag to show the post was a paid advertisement, the lawsuit said.

Source: USA Inquirer