Kim Kardashian, Floyd Mayweather Jr., Others Sued Over Cryptocurrency Promotion

Kim Kardashian, Floyd Mayweather Jr. , and Paul Pierce are among a number of celebrities being sued for allegedly leading investors into a cryptocurrency “pump and dump” scam.

The celebrities and other defendants are accused of making “false or misleading statements to investors about EthereumMax through social media advertisements and other promotional activities,” according to the class-action complaint filed last Friday in the U.S. District Court for the Central District of California. In addition to the three celebrities, defendants include the co-founders of the company and others.

The lawsuit alleges EthereumMax is a “speculative digital token created by a mysterious group of cryptocurrency developers.” It says the celebrities told their millions of social-media followers to buy the cryptocurrency, only to sell when the price was inflated.

Ryan Huegerich, a New York resident, filed the complaint on behalf of himself and others who purchased EMAX tokens between May 14, 2021, and June 27, 2021, and lost money, according to the filing.

https://www.wsj.com/articles/kim-kardashian-floyd-mayweather-jr-others-sued-over-cryptocurrency-promotion-11641946154?mod=djemalertNEWS