Kim Kardashian and Floyd Mayweather Jr. are being sued for promoting EthereumMax, a blockchain-based digital currency, after sharing posts of the unregulated token on their social media platforms to millions of followers. The reality TV star and ex-champion boxer are among a handful of celebrities caught in a lawsuit for alleged fraud.
Kardashian endorsed EthereumMax in September 2021 to her 250 million followers in a sponsored post, encouraging loyal fans to hop on the cryptocurrency bandwagon and join “The EthereumMax Community.” The alleged pump-and-dump scheme promoted EthereumMax as a fast-earning digital token, despite its precarious emergence in the crypto bubble a month before her post went live.
Mayweather promoted the cryptocurrency alongside his highly-anticipated fight with YouTube creator Logan Paul, accepting EthereumMax as legal tender for tickets starting at $49.99 USD. In 2018, Mayweather faced a similar legal battle after being fined by the Securities and Exchange Commission (SEC) for promoting over $200,000 USD worth of ICOs via Instagram.
New York resident Ryan Huegrich filed a complaint about EMAX tokens purchased between May 14, 2021, and June 27, 2021, with a reported loss of earnings after the token’s unregulated inflation. EthereumMax has reported dropping by 98% of its value since June, financially displacing eager fans who initially invested in the token. The lawsuit reports EMAX as “a speculative digital token created by a mysterious group of cryptocurrency developers” and states its apparent non-relation to Ethereum, the second-biggest crypto after Bitcoin.
In other news, Steph Curry invests in LinksDAO after the release of a surprise NTF drop.
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