Kim Kardashian Sued Over EthereumMax Pump And Dump Which Fell 98%
The world’s biggest reality-TV star, Kim Kardashian, and former heavyweight boxing champion Floyd Mayweather are only two of the several celebrities that are facing a lawsuit for allegedly misleading investors by promoting a cryptocurrency. EthereumMax, which has no affiliation with Ethereum or Ether, crashed 98% about a month after Ms Kardashian spoke about the coin on social media. Several people who bought the coin on her ‘advice’ are now suing.
Last year in June already we told you how Kim Kardashian had tried to shill the EthereumMax crypto coin, which crashed spectacularly only a month later, falling some 98% from its high.
Kim Kardashian and Floyd Mayweather are being sued by investors for alleged “pump and dump” of crypto coin EthereumMax. pic.twitter.com/gviNrvcndo— The Recount (@therecount) January 12, 2022
As the dust settled and it became clear that Ms Kardashian had been (probably unknowingly) been involved in a pump and dump scheme, regulators worldwide started taking notice. Given the fact that Ms Kardashian has 250 million followers on Instagram alone, a lot of people ended up getting duped.
Charles Randell, who heads up the UK‘s Financial Conduct Authority, called it the financial promotion with the single biggest audience reach in history.
According to the complaint filed in a Los Angeles court, Kardashian, among others, was paid to create hype around the cryptocurrency EthereumMax.
Mayweather versus Logan
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 says.
Other celebrities, such as boxer Floyd Mayweather, are also mentioned in the complaint. Mayweather wore boxing pants featuring the name of the cryptocoin in his fight against YouTube star Paul Logan. He was allegedly paid 30 million dollars by the company to show the logo.
I saw this coming! #EthereumMax is a dead project. I personally know 2 ex-employees & they told me to stay farrr away from that sinking ship— CryptoGage (@WasThe99) January 12, 2022
Kim Kardashian and Floyd Mayweather are being sued for scamming investors in a cryptocurrency called EthereumMaxhttps://t.co/4Mfh7Xf5ud
The organization behind EthereumMax has responded, claiming that the lawsuit is “riddled with misinformation.”
This project has prided itself on being one of the most transparent and communicative projects in the cryptocurrency space. We dispute the allegations and look forward to the truth coming out.
To be continued we’re sure.