Floyd Mayweather & Kim Kardashian Sued Over Cryptocurrency Scam

January 12, 2022 by Roganí Araya in Business with 0 Comments

Floyd Mayweather and Kim Kardashian Named In Cryptocurrency Scam Lawsuit

Floyd Mayweather and Kim Kardashian share something in common.

Lightweight boxing champion Floyd Mayweather and reality TV star Kim Kardashian have been slammed with a cryptocurrency lawsuit. They’re among a laundry list of celebrities who allegedly partook in a “pump and dump scam” by promoting cryptocurrency tokens. Reports say that they’re being accused of misleading investors.

A statement from the lawsuit, which was filed earlier this month in a Los Angeles federal court, reportedly reads:

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

Kim, Floyd, and many others were allegedly in on an advertisement deal with EthereumMax (EMAX) tokens. They reportedly signed on to increase sales by promoting the product and, in return, they received a profit.

Shortly after celebrities promoted the tokens to their millions of followers, the value of the tokens fell significantly. Data allegedly proves that it went down about 98 percent.

One unidentified person from New York, who filed the lawsuit, reportedly lost money from purchasing EMAX tokens. The amount wasn’t specified, but they’ve demanded a class-action lawsuit to ensure that anyone who shared a similar experience will have their day in court.

Kim Kardashian advertised EMAX tokens on her Instagram story in June 2021, just weeks before the value dropped. One in five people in the United States viewed the story, along with three in 10 crypto investors.

Floyd Mayweather–whose boxing matches are often major events–wore a pair of boxing trunks with the token name scrawled across them during his match with YouTuber Logan Paul that same month.